Cantillon Capital Management LLC Sells 235,779 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Cantillon Capital Management LLC lowered its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,452,216 shares of the company’s stock after selling 235,779 shares during the period. Tencent Music Entertainment Group makes up about 2.4% of Cantillon Capital Management LLC’s holdings, making the stock its 20th biggest position. Cantillon Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $430,675,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TME. Schroder Investment Management Group grew its stake in Tencent Music Entertainment Group by 2.2% in the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock valued at $1,324,310,000 after buying an additional 1,491,095 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after acquiring an additional 4,071,323 shares in the last quarter. State Street Corp boosted its holdings in shares of Tencent Music Entertainment Group by 1.3% in the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock worth $244,677,000 after acquiring an additional 155,692 shares during the period. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group in the second quarter valued at $110,813,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Tencent Music Entertainment Group by 174.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after purchasing an additional 3,384,583 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 0.2%

Shares of TME opened at $16.04 on Friday. The firm’s 50 day simple moving average is $17.81 and its 200 day simple moving average is $21.24. The company has a market capitalization of $27.59 billion, a P/E ratio of 16.71, a P/E/G ratio of 1.01 and a beta of 0.45. 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 1-year low of $10.91 and a 1-year high of $26.70.

Analysts Set New Price Targets

Several research analysts have commented on TME shares. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Bank of America initiated 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. Barclays increased their target price on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Finally, Benchmark reduced 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 research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $25.79.

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.