Lbp Am Sa Sells 71,000 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Lbp Am Sa lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 32.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 149,000 shares of the company’s stock after selling 71,000 shares during the quarter. Lbp Am Sa’s holdings in Tencent Music Entertainment Group were worth $2,904,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Envestnet Asset Management Inc. boosted its position in Tencent Music Entertainment Group by 10.6% during the first quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company’s stock valued at $5,583,000 after acquiring an additional 37,108 shares during the last quarter. Strs Ohio bought a new stake in Tencent Music Entertainment Group during the first quarter valued at $1,228,000. Voya Investment Management LLC boosted its position in Tencent Music Entertainment Group by 169.1% during the first quarter. Voya Investment Management LLC now owns 180,629 shares of the company’s stock valued at $2,603,000 after acquiring an additional 113,503 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Tencent Music Entertainment Group by 15.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company’s stock valued at $72,952,000 after acquiring an additional 666,674 shares during the last quarter. Finally, First Hawaiian Bank bought a new stake in Tencent Music Entertainment Group during the first quarter valued at $1,292,000. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 0.5%

TME opened at $23.01 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.11 and a fifty-two week high of $26.70. The firm has a market capitalization of $39.49 billion, a PE ratio of 25.29 and a beta of 0.51. The company’s 50-day moving average is $24.06 and its 200 day moving average is $19.08.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Benchmark upped their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Citigroup reiterated a “buy” rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Buy” and an average price target of $24.47.

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.