C WorldWide Group Holding A S Sells 196,945 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

C WorldWide Group Holding A S reduced its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 15.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,103,143 shares of the company’s stock after selling 196,945 shares during the quarter. C WorldWide Group Holding A S owned 0.06% of Tencent Music Entertainment Group worth $25,747,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Campbell & CO Investment Adviser LLC purchased a new position in shares of Tencent Music Entertainment Group in the 3rd quarter worth about $4,257,000. AGF Management Ltd. lifted its position in Tencent Music Entertainment Group by 86.5% in the 3rd quarter. AGF Management Ltd. now owns 878,591 shares of the company’s stock worth $20,506,000 after buying an additional 407,400 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Tencent Music Entertainment Group in the third quarter worth approximately $2,904,000. Acadian Asset Management LLC grew its position in Tencent Music Entertainment Group by 2,928.0% during the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after acquiring an additional 1,469,278 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Tencent Music Entertainment Group by 174.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after acquiring an additional 3,384,583 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

TME opened at $15.82 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The stock’s 50 day moving average price is $17.50 and its 200-day moving average price is $20.99. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $11.61 and a 52-week high of $26.70.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TME. Benchmark cut their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Morgan Stanley cut their price target on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Barclays lifted their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Bank of America assumed coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.