abrdn plc Sells 83,862 Shares of Tencent Music Entertainment Group (NYSE:TME)

abrdn plc decreased its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 19.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 354,086 shares of the company's stock after selling 83,862 shares during the quarter. abrdn plc's holdings in Tencent Music Entertainment Group were worth $4,035,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cantillon Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 39.9% in the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock worth $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. Mawer Investment Management Ltd. lifted its holdings in Tencent Music Entertainment Group by 1,131.8% in the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company's stock worth $54,801,000 after buying an additional 4,178,636 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tencent Music Entertainment Group by 287.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company's stock worth $58,382,000 after buying an additional 3,594,383 shares during the last quarter. FMR LLC increased its stake in shares of Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company's stock valued at $71,948,000 after buying an additional 2,967,779 shares during the period. Finally, Coronation Fund Managers Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 84.6% during the third quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company's stock valued at $68,158,000 after acquiring an additional 2,592,381 shares in the last quarter. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Up 0.9 %

Shares of TME stock traded up $0.12 during trading hours on Thursday, hitting $12.78. 7,811,781 shares of the company's stock traded hands, compared to its average volume of 6,734,603. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock's fifty day simple moving average is $11.60 and its two-hundred day simple moving average is $11.54. Tencent Music Entertainment Group has a 12-month low of $9.15 and a 12-month high of $15.77. The stock has a market cap of $21.92 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 0.73 and a beta of 0.70.

Analyst Ratings Changes

Several analysts recently weighed in on TME shares. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target on the stock in a report on Tuesday, January 21st. Barclays began coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an "overweight" rating and a $16.00 target price on the stock. Finally, Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an "outperform" rating and a $14.00 price target for the company. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $14.04.

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.