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

Wrapmanager Inc. cut its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 23.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,435 shares of the company’s stock after selling 3,226 shares during the period. Wrapmanager Inc.’s holdings in Tencent Music Entertainment Group were worth $126,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $37,000. Tobam increased its stake in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares during the period. iA Global Asset Management Inc. lifted its holdings in Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after buying an additional 10,277 shares in the last quarter. Caprock Group LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter valued at about $147,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at about $166,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on TME. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Mizuho cut their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Benchmark reduced their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Barclays assumed coverage on shares of 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. Finally, Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $11.17 on Wednesday. The company has a market cap of $19.16 billion, a PE ratio of 20.68, a P/E/G ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The firm has a 50-day simple moving average of $11.51 and a 200 day simple moving average of $12.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

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.