Polymer Capital Management HK LTD Has $120,000 Holdings in Tencent Music Entertainment Group (NYSE:TME)

Polymer Capital Management HK LTD lessened its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 99.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 10,000 shares of the company’s stock after selling 1,015,085 shares during the quarter. Polymer Capital Management HK LTD’s holdings in Tencent Music Entertainment Group were worth $120,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TME. Ninety One UK Ltd acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at approximately $122,775,000. Cantillon Capital Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after buying an additional 5,265,783 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 18,902.2% during the 2nd quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock worth $62,765,000 after buying an additional 4,445,235 shares in the last quarter. Mawer Investment Management Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock worth $54,801,000 after buying an additional 4,178,636 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Tencent Music Entertainment Group by 287.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock worth $58,382,000 after buying an additional 3,594,383 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TME. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Barclays began coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Mizuho cut their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Trading Down 0.9 %

NYSE TME opened at $12.19 on Thursday. The firm has a market capitalization of $20.92 billion, a P/E ratio of 22.57, a PEG ratio of 0.93 and a beta of 0.68. The business has a fifty day simple moving average of $11.86 and a 200 day simple moving average of $12.58. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month 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.

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.