Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 83.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 376,495 shares of the company's stock after selling 1,956,168 shares during the quarter. Wellington Management Group LLP's holdings in Tencent Music Entertainment Group were worth $4,537,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at $37,000. Tobam grew its stake 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 buying an additional 957 shares in the last quarter. Avior Wealth Management LLC grew its stake in shares of Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock valued at $68,000 after buying an additional 4,071 shares in the last quarter. Caprock Group LLC acquired a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at $147,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at $166,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an "outperform" rating and a $14.00 price objective for the company. Morgan Stanley lowered Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Barclays initiated coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock traded up $0.48 on Tuesday, hitting $11.78. The stock had a trading volume of 10,377,018 shares, compared to its average volume of 8,566,474. Tencent Music Entertainment Group has a 52-week low of $8.15 and a 52-week high of $15.77. 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 stock has a market cap of $20.22 billion, a price-to-earnings ratio of 21.81, a P/E/G ratio of 0.91 and a beta of 0.68. The company's 50 day moving average price is $11.72 and its 200 day moving average price is $12.39.

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.