Fiera Capital Corp Sells 62,027 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Fiera Capital Corp cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 39.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 96,885 shares of the company’s stock after selling 62,027 shares during the quarter. Fiera Capital Corp’s holdings in Tencent Music Entertainment Group were worth $2,261,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Corient Private Wealth LLC grew its stake in Tencent Music Entertainment Group by 1.6% in the second quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after purchasing an additional 498 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Tencent Music Entertainment Group by 5.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock worth $264,000 after buying an additional 651 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Tencent Music Entertainment Group by 0.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock worth $1,975,000 after buying an additional 842 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Tencent Music Entertainment Group by 11.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock worth $249,000 after buying an additional 1,269 shares in the last quarter. Finally, Smartleaf Asset Management LLC purchased a new position in shares of Tencent Music Entertainment Group during the third quarter valued at $31,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 0.1%

NYSE:TME opened at $15.24 on Friday. The company’s 50-day simple moving average is $16.90 and its 200-day simple moving average is $20.53. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.71 and a fifty-two week high of $26.70.

Analyst Upgrades and Downgrades

TME has been the subject of several recent research reports. Barclays lifted their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Benchmark reduced their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Finally, Morgan Stanley reduced their price objective on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently 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.