Tencent Music Entertainment Group (NYSE:TME) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in Tencent Music Entertainment Group (NYSE:TME) by 77.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 293,282 shares of the company’s stock after selling 982,200 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Tencent Music Entertainment Group were worth $3,534,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TME. Ninety One UK Ltd acquired a new position in Tencent Music Entertainment Group in the second quarter valued at $122,775,000. Cantillon Capital Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of 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 purchasing an additional 4,445,235 shares during the period. Mawer Investment Management Ltd. grew its stake 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 worth $54,801,000 after buying an additional 4,178,636 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Tencent Music Entertainment Group by 287.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock worth $58,382,000 after buying an additional 3,594,383 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays initiated coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. 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 report on Wednesday, August 14th. Finally, Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Stock Up 0.8 %

TME opened at $12.29 on Wednesday. The business has a 50 day simple moving average of $11.84 and a 200-day simple moving average of $12.58. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The stock has a market capitalization of $21.09 billion, a P/E ratio of 22.76, a P/E/G ratio of 0.92 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

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.