Banque Cantonale Vaudoise Trims Stake in Tencent Music Entertainment Group (NYSE:TME)

Banque Cantonale Vaudoise cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 25.0% in the third quarter, HoldingsChannel.com reports. The firm owned 150,000 shares of the company’s stock after selling 50,099 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Tencent Music Entertainment Group were worth $1,808,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several research firms have recently commented on TME. Mizuho lowered their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Bank of America dropped their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective 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 investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Up 2.6 %

Tencent Music Entertainment Group stock opened at $11.44 on Thursday. The stock’s fifty day moving average is $11.54 and its two-hundred day moving average is $12.76. The stock has a market cap of $19.63 billion, a PE ratio of 21.19, a P/E/G ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a 1-year low of $7.93 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.

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.