BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $3.53 Million Stake in Tencent Music Entertainment Group (NYSE:TME)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 77.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 293,282 shares of the company's stock after selling 982,200 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Tencent Music Entertainment Group were worth $3,534,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of TME. California State Teachers Retirement System increased its stake in Tencent Music Entertainment Group by 7.0% in the first quarter. California State Teachers Retirement System now owns 215,202 shares of the company's stock valued at $2,408,000 after purchasing an additional 14,145 shares during the last quarter. DNB Asset Management AS lifted its holdings in shares of Tencent Music Entertainment Group by 9.7% in the 2nd quarter. DNB Asset Management AS now owns 53,305 shares of the company's stock worth $749,000 after purchasing an additional 4,707 shares during the last quarter. Symmetry Partners LLC bought a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at $236,000. QRG Capital Management Inc. grew its holdings in shares of Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company's stock worth $223,000 after acquiring an additional 860 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Tencent Music Entertainment Group by 33.3% during the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company's stock valued at $4,462,000 after buying an additional 79,307 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on TME. Daiwa America cut Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Mizuho decreased their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, August 14th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America cut their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 14th. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.28.

Tencent Music Entertainment Group Trading Down 0.9 %

Shares of NYSE:TME traded down $0.11 during mid-day trading on Wednesday, reaching $12.19. 6,040,318 shares of the company's stock were exchanged, compared to its average volume of 8,575,604. The firm has a market capitalization of $20.92 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 0.92 and a beta of 0.68. The business's fifty day moving average price is $11.86 and its 200-day moving average price is $12.58. 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 twelve month low of $7.93 and a twelve month 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.