Tencent Music Entertainment Group Sponsored ADR $TME is Matthews International Capital Management LLC’s 9th Largest Position

Matthews International Capital Management LLC trimmed its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 20.2% in the third quarter, Holdings Channel.com reports. The fund owned 646,353 shares of the company’s stock after selling 163,910 shares during the period. Tencent Music Entertainment Group makes up about 3.5% of Matthews International Capital Management LLC’s holdings, making the stock its 9th largest holding. Matthews International Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $15,086,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Yeomans Consulting Group Inc. acquired a new position in Tencent Music Entertainment Group during the third quarter worth $337,000. IFM Investors Pty Ltd increased its position in shares of Tencent Music Entertainment Group by 112.0% in the third quarter. IFM Investors Pty Ltd now owns 67,714 shares of the company’s stock valued at $1,600,000 after buying an additional 35,772 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 424.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock worth $167,000 after buying an additional 5,793 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Tencent Music Entertainment Group by 1.6% during the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after buying an additional 498 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its position in shares of Tencent Music Entertainment Group by 8.5% in the 2nd quarter. Osaic Holdings Inc. now owns 25,868 shares of the company’s stock worth $498,000 after buying an additional 2,032 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

TME has been the subject of several recent research reports. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Bank of America started coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 22nd. Barclays increased their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Finally, Benchmark cut their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $17.65 on Friday. The business has a 50-day moving average of $19.67 and a two-hundred day moving average of $21.47. The firm has a market capitalization of $30.28 billion, a PE ratio of 18.38, a P/E/G ratio of 1.25 and a beta of 0.47. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $10.26 and a 12 month high of $26.70.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.