Massachusetts Financial Services Co. MA Sells 187,494 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Massachusetts Financial Services Co. MA lessened its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 7.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,257,844 shares of the company’s stock after selling 187,494 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Tencent Music Entertainment Group were worth $52,698,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Campbell & CO Investment Adviser LLC bought a new stake in Tencent Music Entertainment Group during the third quarter valued at about $4,257,000. Acadian Asset Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 2,928.0% in the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock worth $29,601,000 after acquiring an additional 1,469,278 shares during the period. Aviva PLC grew its position in shares of Tencent Music Entertainment Group by 2.4% during the second quarter. Aviva PLC now owns 542,606 shares of the company’s stock worth $10,575,000 after purchasing an additional 12,489 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Tencent Music Entertainment Group by 174.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after purchasing an additional 3,384,583 shares during the period. Finally, Calamos Wealth Management LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter worth approximately $2,546,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

TME stock opened at $16.08 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.91 and a 52 week high of $26.70. The firm has a market capitalization of $27.82 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 1.00 and a beta of 0.45. The company has a fifty day simple moving average of $17.86 and a two-hundred day simple moving average of $21.27. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TME shares. Barclays increased their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Morgan Stanley cut their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark dropped their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Finally, Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. One 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 company. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Profile

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.