Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Baillie Gifford & Co.

Baillie Gifford & Co. cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,745,199 shares of the company's stock after selling 849,764 shares during the quarter. Baillie Gifford & Co. owned 1.56% of Tencent Music Entertainment Group worth $240,974,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its position in shares of Tencent Music Entertainment Group by 25.1% during the fourth quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company's stock worth $11,735,000 after buying an additional 265,093 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 2,115.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company's stock valued at $2,076,000 after purchasing an additional 220,000 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Tencent Music Entertainment Group by 349.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 48,425 shares of the company's stock worth $309,000 after purchasing an additional 37,649 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Tencent Music Entertainment Group by 14.3% during the 4th quarter. SG Americas Securities LLC now owns 325,588 shares of the company's stock worth $2,934,000 after purchasing an additional 40,765 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Tencent Music Entertainment Group by 262.6% in the third quarter. Deutsche Bank AG now owns 2,344,133 shares of the company's stock valued at $14,956,000 after buying an additional 1,697,604 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded up $0.02 during midday trading on Wednesday, hitting $11.86. The company had a trading volume of 3,799,220 shares, compared to its average volume of 8,845,699. The stock has a market cap of $20.34 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 0.71 and a beta of 0.81. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The company's 50 day simple moving average is $10.44 and its 200 day simple moving average is $8.83. Tencent Music Entertainment Group has a 52-week low of $5.70 and a 52-week high of $11.98.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TME. Citigroup raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. Benchmark increased their price target on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, March 20th. Mizuho raised their price objective on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a "buy" rating in a report on Wednesday, March 20th. HSBC increased their target price on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a "hold" rating in a research report on Wednesday, March 20th. Finally, UBS Group raised shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price target for the company in a research report on Wednesday, January 24th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and an average target price of $11.63.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.