Tencent Music Entertainment Group Sponsored ADR $TME is Working Capital Advisors UK Ltd.’s 2nd Largest Position

Working Capital Advisors UK Ltd. cut its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 20.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,133,066 shares of the company’s stock after selling 289,103 shares during the quarter. Tencent Music Entertainment Group comprises 31.6% of Working Capital Advisors UK Ltd.’s portfolio, making the stock its 2nd biggest position. Working Capital Advisors UK Ltd. owned about 0.07% of Tencent Music Entertainment Group worth $26,446,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Green Court Capital Management Ltd boosted its position in shares of Tencent Music Entertainment Group by 93.1% in the third quarter. Green Court Capital Management Ltd now owns 1,039,078 shares of the company’s stock worth $24,252,000 after buying an additional 501,078 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter worth approximately $4,257,000. AGF Management Ltd. grew its position in Tencent Music Entertainment Group by 86.5% in the third quarter. AGF Management Ltd. now owns 878,591 shares of the company’s stock valued at $20,506,000 after acquiring an additional 407,400 shares in the last quarter. OPTIMAS CAPITAL Ltd acquired a new stake in Tencent Music Entertainment Group in the third quarter valued at approximately $9,150,000. Finally, Acadian Asset Management LLC raised its stake in shares of Tencent Music Entertainment Group by 2,928.0% during the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after purchasing an additional 1,469,278 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $15.24 on Friday. 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 Sponsored ADR has a 1 year low of $11.71 and a 1 year high of $26.70. The firm’s 50-day simple moving average is $16.90 and its 200-day simple moving average is $20.54.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Bank of America began coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. Benchmark lowered their target price on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Morgan Stanley reduced their price target on 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. Finally, Barclays raised their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. One 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 stock. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Company 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.