Nomura Asset Management Co. Ltd. Sells 804,527 Shares of Tencent Music Entertainment Group (NYSE:TME)

Nomura Asset Management Co. Ltd. decreased its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 25.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,394,335 shares of the company's stock after selling 804,527 shares during the period. Nomura Asset Management Co. Ltd. owned approximately 0.14% of Tencent Music Entertainment Group worth $28,852,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in TME. Cantillon Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock valued at $222,402,000 after buying an additional 5,265,783 shares in the last quarter. State Street Corp increased its holdings in shares of Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company's stock worth $154,499,000 after acquiring an additional 166,225 shares in the last quarter. Ninety One UK Ltd bought a new stake in shares of Tencent Music Entertainment Group in the second quarter worth about $122,775,000. Driehaus Capital Management LLC raised its position in shares of 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. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Tencent Music Entertainment Group by 58.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company's stock valued at $86,835,000 after purchasing an additional 2,284,347 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock traded down $0.72 during midday trading on Wednesday, reaching $11.78. 11,010,709 shares of the company's stock were exchanged, compared to its average volume of 8,557,331. 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's 50-day simple moving average is $11.88 and its 200 day simple moving average is $12.50. The firm has a market cap of $20.22 billion, a price-to-earnings ratio of 21.78, a P/E/G ratio of 0.95 and a beta of 0.68. Tencent Music Entertainment Group has a 52 week low of $8.15 and a 52 week high of $15.77.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Benchmark cut their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, August 14th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a report on Tuesday, August 13th. Morgan Stanley downgraded Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Mizuho reduced their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 14th. Finally, Daiwa America lowered Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $13.28.

About Tencent Music Entertainment Group

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.