Bridgewater Associates LP Lowers Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Bridgewater Associates LP lowered its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 5.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 767,147 shares of the company's stock after selling 48,083 shares during the quarter. Bridgewater Associates LP's holdings in Tencent Music Entertainment Group were worth $9,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam increased its position in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after purchasing an additional 957 shares during the period. Avior Wealth Management LLC raised its holdings in 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 during the last quarter. iA Global Asset Management Inc. lifted its position in shares of Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock worth $131,000 after purchasing an additional 10,277 shares during the period. Finally, Caprock Group LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at $147,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on TME. Daiwa America downgraded shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Morgan Stanley downgraded Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an "outperform" rating and a $14.00 target price for the company. Benchmark dropped their price target on 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. Finally, Mizuho lowered their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and an average price target of $13.28.

Tencent Music Entertainment Group Stock Down 1.1 %

Shares of TME traded down $0.13 on Friday, reaching $11.38. The company's stock had a trading volume of 6,029,293 shares, compared to its average volume of 8,574,999. Tencent Music Entertainment Group has a twelve month low of $7.93 and a twelve month high of $15.77. The stock has a market capitalization of $19.53 billion, a PE ratio of 21.31, a PEG ratio of 0.87 and a beta of 0.67. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average of $11.76 and a 200-day moving average of $12.69.

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.