Baillie Gifford & Co. Reduces Holdings in Tencent Music Entertainment Group (NYSE:TME)

Baillie Gifford & Co. lowered its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,959,579 shares of the company's stock after selling 560,919 shares during the period. Baillie Gifford & Co. owned about 1.22% of Tencent Music Entertainment Group worth $237,891,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in TME. Blue Trust Inc. boosted its holdings in Tencent Music Entertainment Group by 31.5% during the third quarter. Blue Trust Inc. now owns 21,258 shares of the company's stock worth $256,000 after buying an additional 5,092 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company's stock worth $71,984,000 after buying an additional 753,383 shares in the last quarter. Ariose Capital Management Ltd purchased a new stake in Tencent Music Entertainment Group during the third quarter worth about $12,285,000. GAM Holding AG boosted its holdings in Tencent Music Entertainment Group by 108.0% during the third quarter. GAM Holding AG now owns 183,000 shares of the company's stock worth $2,205,000 after buying an additional 95,000 shares in the last quarter. Finally, abrdn plc boosted its holdings in Tencent Music Entertainment Group by 57.6% during the third quarter. abrdn plc now owns 437,948 shares of the company's stock worth $5,236,000 after buying an additional 160,109 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 2.3 %

NYSE TME traded down $0.31 during mid-day trading on Thursday, reaching $12.80. 9,053,278 shares of the stock were exchanged, compared to its average volume of 7,103,489. The business's fifty day simple moving average is $11.69 and its 200 day simple moving average is $11.53. Tencent Music Entertainment Group has a 1-year low of $9.15 and a 1-year high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market capitalization of $21.96 billion, a PE ratio of 23.69, a PEG ratio of 0.82 and a beta of 0.70.

Analyst Ratings Changes

TME has been the topic of a number of research analyst reports. Morgan Stanley raised shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a report on Tuesday, January 21st. Barclays started coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price target on the stock. Finally, Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an "outperform" rating and a $14.00 price target on the stock. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $14.04.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.