Tencent Music Entertainment Group (NYSE:TME) Stake Reduced by Coronation Fund Managers Ltd.

Coronation Fund Managers Ltd. lessened 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 Form 13F filing with the SEC. The firm owned 5,509,070 shares of the company’s stock after selling 147,163 shares during the quarter. Tencent Music Entertainment Group makes up approximately 3.7% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 7th biggest position. Coronation Fund Managers Ltd.’s holdings in Tencent Music Entertainment Group were worth $62,528,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in TME. Cetera Investment Advisers boosted its position in Tencent Music Entertainment Group by 10.8% during the 2nd quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after buying an additional 8,216 shares during the period. Harbour Capital Advisors LLC bought a new position in shares of Tencent Music Entertainment Group during the third quarter valued at about $378,000. Blue Trust Inc. raised its stake in shares of Tencent Music Entertainment Group by 31.5% during the third quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock valued at $256,000 after acquiring an additional 5,092 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after purchasing an additional 753,383 shares during the period. Finally, Ariose Capital Management Ltd bought a new stake in shares of Tencent Music Entertainment Group in the third quarter worth about $12,285,000. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $12.54 on Monday. 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 stock has a market cap of $21.51 billion, a P/E ratio of 23.21, a P/E/G ratio of 0.73 and a beta of 0.70. The business’s 50 day moving average price is $11.58 and its 200-day moving average price is $11.58. Tencent Music Entertainment Group has a 52 week low of $9.15 and a 52 week high of $15.77.

Analyst Ratings Changes

A number of research analysts have commented on TME shares. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Barclays initiated coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Finally, Morgan Stanley upgraded shares of 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. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

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.