Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Baillie Gifford & Co.

Baillie Gifford & Co. cut its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,959,579 shares of the company’s stock after selling 560,919 shares during the quarter. Baillie Gifford & Co.’s holdings in Tencent Music Entertainment Group were worth $237,891,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vontobel Holding Ltd. acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at approximately $375,000. Asset Management One Co. Ltd. lifted its holdings in Tencent Music Entertainment Group by 2.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company’s stock valued at $5,884,000 after acquiring an additional 10,905 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Tencent Music Entertainment Group by 8.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock valued at $73,539,000 after acquiring an additional 522,599 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after acquiring an additional 1,923 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Tencent Music Entertainment Group by 0.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company’s stock valued at $20,059,000 after buying an additional 4,837 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TME. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target for the company. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Finally, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.04.

Tencent Music Entertainment Group Trading Up 6.8 %

Shares of Tencent Music Entertainment Group stock opened at $13.62 on Monday. Tencent Music Entertainment Group has a fifty-two week low of $9.15 and a fifty-two week high of $15.77. The firm has a market cap of $23.38 billion, a price-to-earnings ratio of 25.23, a price-to-earnings-growth ratio of 0.73 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $11.64 and a 200-day simple moving average of $11.53.

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.