KLP Kapitalforvaltning AS Trims Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

KLP Kapitalforvaltning AS lowered its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 24.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 122,843 shares of the company’s stock after selling 40,400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Tencent Music Entertainment Group were worth $2,867,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Acadian Asset Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 2,928.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock worth $29,601,000 after acquiring an additional 1,469,278 shares during the last quarter. Aviva PLC raised its position in Tencent Music Entertainment Group by 2.4% in the second quarter. Aviva PLC now owns 542,606 shares of the company’s stock valued at $10,575,000 after purchasing an additional 12,489 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in Tencent Music Entertainment Group by 174.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after purchasing an additional 3,384,583 shares in the last quarter. Calamos Wealth Management LLC purchased a new position in shares of Tencent Music Entertainment Group during the third quarter worth $2,546,000. Finally, AGF Management Ltd. acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at $9,184,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TME. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Barclays increased their price target on shares of 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. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Morgan Stanley reduced their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. Finally, Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Down 0.8%

TME stock opened at $17.34 on Friday. The company’s 50 day moving average price is $18.63 and its 200 day moving average price is $21.41. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.26 and a fifty-two week high of $26.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09.

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.