Polymer Capital Management HK LTD Cuts Stake in Tencent Music Entertainment Group (NYSE:TME)

Polymer Capital Management HK LTD lessened its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 99.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,000 shares of the company's stock after selling 1,015,085 shares during the quarter. Polymer Capital Management HK LTD's holdings in Tencent Music Entertainment Group were worth $120,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TME. Ashton Thomas Private Wealth LLC acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at about $37,000. Tobam grew its position in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after purchasing an additional 957 shares during the last quarter. Avior Wealth Management LLC increased its stake in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock worth $68,000 after purchasing an additional 4,071 shares in the last quarter. Caprock Group LLC acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $147,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $166,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on TME. Daiwa America downgraded Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 price objective for the company. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. Finally, Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.28.

Tencent Music Entertainment Group Trading Up 0.3 %

TME stock traded up $0.04 during trading on Thursday, reaching $12.23. 4,078,693 shares of the stock traded hands, compared to its average volume of 8,556,468. The firm has a market capitalization of $20.98 billion, a PE ratio of 22.64, a P/E/G ratio of 0.93 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The business's 50 day moving average price is $11.85 and its 200-day moving average price is $12.58. Tencent Music Entertainment Group has a 52-week low of $7.93 and a 52-week high of $15.77.

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.