Public Sector Pension Investment Board Sells 176,100 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Public Sector Pension Investment Board trimmed its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 46.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 200,729 shares of the company’s stock after selling 176,100 shares during the period. Public Sector Pension Investment Board’s holdings in Tencent Music Entertainment Group were worth $4,685,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth about $31,000. Global Retirement Partners LLC boosted its stake in Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after acquiring an additional 1,751 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Tencent Music Entertainment Group by 137.4% in the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after purchasing an additional 1,397 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares in the last quarter. Finally, MAI Capital Management purchased a new position in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $73,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

TME has been the topic of several recent research reports. Morgan Stanley cut their price target on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Bank of America started coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target for the company. Finally, Benchmark cut their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Stock Down 0.5%

Shares of NYSE:TME opened at $15.22 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.71 and a 1 year high of $26.70. The stock’s fifty day moving average price is $16.96 and its 200-day moving average price is $20.58.

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.