Nordea Investment Management AB Sells 38,727 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Nordea Investment Management AB decreased its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 2.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,643,560 shares of the company’s stock after selling 38,727 shares during the period. Nordea Investment Management AB’s holdings in Tencent Music Entertainment Group were worth $38,558,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Global Retirement Partners LLC raised its position in Tencent Music Entertainment Group by 1,326.5% during the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after purchasing an additional 1,751 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after acquiring an additional 1,363 shares during the period. MAI Capital Management purchased a new stake in Tencent Music Entertainment Group in the second quarter worth about $73,000. iA Global Asset Management Inc. bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth about $131,000. Finally, Farther Finance Advisors LLC increased its position in Tencent Music Entertainment Group by 424.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock valued at $167,000 after purchasing an additional 5,793 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $17.43 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.27 and a 12-month high of $26.70. The business’s fifty day simple moving average is $18.32 and its 200-day simple moving average is $21.38. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a market cap of $29.90 billion, a PE ratio of 18.15, a PEG ratio of 1.09 and a beta of 0.45.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TME shares. Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Barclays upped their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.79.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.