GAM Holding AG Cuts Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

GAM Holding AG decreased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 20.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,000 shares of the company’s stock after selling 45,000 shares during the period. GAM Holding AG’s holdings in Tencent Music Entertainment Group were worth $4,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Vident Advisory LLC raised its position in Tencent Music Entertainment Group by 36.9% during the first quarter. Vident Advisory LLC now owns 25,858 shares of the company’s stock worth $373,000 after acquiring an additional 6,969 shares during the period. Royal Bank of Canada boosted its holdings in Tencent Music Entertainment Group by 9.0% in the 1st quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after buying an additional 11,979 shares during the last quarter. AQR Capital Management LLC increased its stake in Tencent Music Entertainment Group by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after buying an additional 44,265 shares in the last quarter. Banque Transatlantique SA acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Finally, Edmond DE Rothschild Holding S.A. raised its holdings in shares of Tencent Music Entertainment Group by 4.2% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 249,750 shares of the company’s stock valued at $3,599,000 after acquiring an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays boosted their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. Morgan Stanley dropped their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a report on Monday, December 22nd. Bank of America started coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price for the company. Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Up 1.9%

NYSE TME opened at $17.87 on Friday. The business’s fifty day simple moving average is $19.16 and its 200-day simple moving average is $21.42. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. The firm has a market cap of $30.66 billion, a PE ratio of 18.61, a P/E/G ratio of 1.09 and a beta of 0.47. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.26 and a 52 week high of $26.70.

Tencent Music Entertainment Group Profile

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.