Tencent Music Entertainment Group (NYSE:TME) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,957,714 shares of the company’s stock after selling 222,692 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Tencent Music Entertainment Group were worth $71,790,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. O Shaughnessy Asset Management LLC boosted its holdings in Tencent Music Entertainment Group by 39.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 36,868 shares of the company’s stock valued at $413,000 after purchasing an additional 10,419 shares during the last quarter. Bayesian Capital Management LP acquired a new position in Tencent Music Entertainment Group in the first quarter valued at approximately $352,000. California State Teachers Retirement System grew its position 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 worth $2,408,000 after acquiring an additional 14,145 shares during the period. iA Global Asset Management Inc. increased its stake in Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after acquiring an additional 10,277 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Tencent Music Entertainment Group in the first quarter valued at $1,980,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 4.0 %

NYSE:TME opened at $11.51 on Thursday. Tencent Music Entertainment Group has a 12-month low of $7.93 and a 12-month high of $15.77. The firm has a market cap of $19.75 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 0.85 and a beta of 0.67. 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 fifty day moving average price of $11.73 and a 200 day moving average price of $12.69.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Mizuho lowered their price target 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. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Bank of America decreased their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group 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.