Wrapmanager Inc. Decreases Position in Tencent Music Entertainment Group (NYSE:TME)

Wrapmanager Inc. lowered its position in Tencent Music Entertainment Group (NYSE:TME) by 23.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,435 shares of the company’s stock after selling 3,226 shares during the quarter. Wrapmanager Inc.’s holdings in Tencent Music Entertainment Group were worth $126,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TME. Ninety One UK Ltd purchased a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $122,775,000. Cantillon Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Tencent Music Entertainment Group by 18,902.2% in the 2nd quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock valued at $62,765,000 after buying an additional 4,445,235 shares in the last quarter. Mawer Investment Management Ltd. grew its holdings in Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after buying an additional 4,178,636 shares during the last quarter. Finally, Bamco Inc. NY purchased a new position in Tencent Music Entertainment Group during the first quarter worth $40,857,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 2.8 %

Shares of TME stock opened at $11.17 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The firm’s 50 day moving average price is $11.51 and its two-hundred day moving average price is $12.77. The stock has a market cap of $19.16 billion, a price-to-earnings ratio of 20.68, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TME shares. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America decreased their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Benchmark decreased their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Finally, Barclays started coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group 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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.