JPMorgan Chase & Co. Cuts Stock Position in Tencent Music Entertainment Group (NYSE:TME)

JPMorgan Chase & Co. lessened its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 23.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,788,833 shares of the company's stock after selling 535,564 shares during the quarter. JPMorgan Chase & Co. owned about 0.10% of Tencent Music Entertainment Group worth $21,555,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cantillon Capital Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock worth $222,402,000 after acquiring an additional 5,265,783 shares during the period. State Street Corp increased its position in Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company's stock worth $154,499,000 after purchasing an additional 166,225 shares during the last quarter. Driehaus Capital Management LLC raised its stake in Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company's stock worth $100,167,000 after purchasing an additional 1,925,124 shares during the period. The Manufacturers Life Insurance Company raised its stake in Tencent Music Entertainment Group by 58.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company's stock worth $86,835,000 after purchasing an additional 2,284,347 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Tencent Music Entertainment Group by 14.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company's stock valued at $71,984,000 after purchasing an additional 753,383 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

TME has been the topic of several analyst reports. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 price target on the stock. Morgan Stanley cut Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Barclays initiated coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $13.28.

Tencent Music Entertainment Group Stock Up 0.8 %

Shares of TME traded up $0.09 during mid-day trading on Thursday, hitting $10.91. 6,439,214 shares of the company's stock were exchanged, compared to its average volume of 6,736,803. The stock's 50-day moving average is $11.57 and its 200-day moving average is $12.08. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a fifty-two week low of $8.19 and a fifty-two week high of $15.77. The company has a market cap of $18.72 billion, a price-to-earnings ratio of 20.20, a P/E/G ratio of 0.91 and a beta of 0.69.

Tencent Music Entertainment Group Company 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.