Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Westpac Banking Corp

Westpac Banking Corp reduced its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 25.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 306,262 shares of the company’s stock after selling 105,808 shares during the period. Westpac Banking Corp’s holdings in Tencent Music Entertainment Group were worth $7,148,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TME. Corient Private Wealth LLC lifted its holdings in Tencent Music Entertainment Group by 1.6% during the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after buying an additional 498 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased 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 valued at $264,000 after acquiring an additional 651 shares during the last quarter. PNC Financial Services Group Inc. raised 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 acquiring an additional 1,269 shares in the last quarter. Smartleaf Asset Management LLC purchased a new stake in Tencent Music Entertainment Group during the third quarter worth approximately $31,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $14.74 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a one year low of $11.71 and a one year high of $26.70. The company has a 50-day simple moving average of $16.72 and a 200-day simple moving average of $20.38. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

Analyst Ratings Changes

Several brokerages have commented on TME. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Morgan Stanley dropped their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, December 22nd. Benchmark cut their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Barclays boosted their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group 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.