Mirae Asset Global Investments Co. Ltd. Lowers Position in Tencent Music Entertainment Group (NYSE:TME)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 73.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 128,703 shares of the company’s stock after selling 356,866 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $1,460,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TME. Intech Investment Management LLC grew its position in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after purchasing an additional 1,664 shares in the last quarter. Diversify Wealth Management LLC boosted its stake in Tencent Music Entertainment Group by 3.9% during 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 grew its holdings in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock valued at $187,000 after buying an additional 3,746 shares in the last quarter. Avior Wealth Management LLC increased its stake in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after acquiring an additional 4,071 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Tencent Music Entertainment Group by 31.5% during the 3rd quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock worth $256,000 after acquiring an additional 5,092 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 0.5 %

Shares of NYSE:TME opened at $12.47 on Tuesday. The firm has a market capitalization of $21.41 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 0.73 and a beta of 0.70. The business has a 50 day simple moving average of $11.58 and a two-hundred day simple moving average of $11.56. Tencent Music Entertainment Group has a 1 year low of $9.15 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Analyst Upgrades and Downgrades

TME has been the subject of a number of recent research reports. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price for the company. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a report on Tuesday, January 21st. Finally, Barclays initiated coverage on shares of 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. Three research 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 a consensus target price of $14.04.

About Tencent Music Entertainment Group

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.