Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Blue Trust Inc.

Blue Trust Inc. lowered its holdings in Tencent Music Entertainment Group (NYSE:TME) by 57.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,974 shares of the company’s stock after selling 12,284 shares during the period. Blue Trust Inc.’s holdings in Tencent Music Entertainment Group were worth $108,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Intech Investment Management LLC raised its position in shares of Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after purchasing an additional 1,664 shares during the period. Diversify Wealth Management LLC lifted its stake in Tencent Music Entertainment Group by 3.9% in the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock valued at $570,000 after buying an additional 1,862 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Tencent Music Entertainment Group by 31.7% during the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock valued at $187,000 after acquiring an additional 3,746 shares during the period. Avior Wealth Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in shares of Tencent Music Entertainment Group by 2.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock worth $2,165,000 after acquiring an additional 4,265 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 2.6 %

TME opened at $12.06 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market capitalization of $20.69 billion, a PE ratio of 22.32, a P/E/G ratio of 0.72 and a beta of 0.70. The stock’s fifty day moving average is $11.55 and its 200-day moving average is $11.62. Tencent Music Entertainment Group has a one year low of $9.15 and a one year high of $15.77.

Analyst Ratings Changes

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

Tencent Music Entertainment Group Company 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.