Jennison Associates LLC Sells 555,299 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Jennison Associates LLC reduced its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 22.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,907,995 shares of the company’s stock after selling 555,299 shares during the quarter. Jennison Associates LLC owned about 0.11% of Tencent Music Entertainment Group worth $37,187,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of New Jersey Common Pension Fund D raised its holdings in Tencent Music Entertainment Group by 91.9% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 703,001 shares of the company’s stock valued at $13,701,000 after buying an additional 336,690 shares during the period. Asset Management One Co. Ltd. increased its stake in Tencent Music Entertainment Group by 44.6% in the second quarter. Asset Management One Co. Ltd. now owns 729,925 shares of the company’s stock worth $14,226,000 after purchasing an additional 225,293 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Tencent Music Entertainment Group by 0.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock worth $1,975,000 after purchasing an additional 842 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Tencent Music Entertainment Group in the second quarter worth $813,000. Finally, Aubrey Capital Management Ltd purchased a new stake in Tencent Music Entertainment Group in the second quarter worth $9,915,000. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of recent analyst reports. Citigroup reiterated a “buy” rating and issued a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average price target of $24.54.

Tencent Music Entertainment Group Trading Down 3.2%

Shares of NYSE:TME opened at $22.19 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.11 and a 52-week high of $26.70. The stock has a market cap of $38.07 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 1.39 and a beta of 0.51. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $23.97 and a 200-day moving average price of $20.39.

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.