Banque Cantonale Vaudoise Lowers Stake in Tencent Music Entertainment Group (NYSE:TME)

Banque Cantonale Vaudoise lessened its holdings in Tencent Music Entertainment Group (NYSE:TME) by 25.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,000 shares of the company’s stock after selling 50,099 shares during the period. Banque Cantonale Vaudoise’s holdings in Tencent Music Entertainment Group were worth $1,808,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of TME. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Tencent Music Entertainment Group by 13.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 205,075 shares of the company’s stock valued at $2,290,000 after purchasing an additional 23,827 shares during the period. Vanguard Group Inc. grew its stake in Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after acquiring an additional 84,131 shares during the period. Acadian Asset Management LLC raised its position in Tencent Music Entertainment Group by 180,800.0% during the first quarter. Acadian Asset Management LLC now owns 23,517 shares of the company’s stock worth $262,000 after acquiring an additional 23,504 shares during the period. O Shaughnessy Asset Management LLC raised its position in Tencent Music Entertainment Group by 39.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 36,868 shares of the company’s stock worth $413,000 after acquiring an additional 10,419 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its position in shares of Tencent Music Entertainment Group by 39.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 752,474 shares of the company’s stock valued at $8,416,000 after purchasing an additional 214,500 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on TME shares. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Mizuho decreased their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Bank of America lowered their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Barclays initiated 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 target price on the stock. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Trading Up 2.6 %

Shares of TME opened at $11.44 on Thursday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average price of $11.54 and a 200 day moving average price of $12.76. Tencent Music Entertainment Group has a 12-month low of $7.93 and a 12-month high of $15.77. The firm has a market capitalization of $19.63 billion, a P/E ratio of 21.19, a P/E/G ratio of 0.83 and a beta of 0.67.

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.