JPMorgan Chase & Co. Trims Stake in Tencent Music Entertainment Group (NYSE:TME)

JPMorgan Chase & Co. lowered its position in Tencent Music Entertainment Group (NYSE:TME) by 23.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,788,833 shares of the company’s stock after selling 535,564 shares during the period. JPMorgan Chase & Co. owned approximately 0.10% of Tencent Music Entertainment Group worth $21,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after buying an additional 211,873 shares during the period. Franklin Resources Inc. raised its position in shares of Tencent Music Entertainment Group by 20.9% in the 3rd quarter. Franklin Resources Inc. now owns 577,113 shares of the company’s stock worth $7,329,000 after acquiring an additional 99,799 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of Tencent Music Entertainment Group by 28.9% during the 3rd quarter. Tidal Investments LLC now owns 116,068 shares of the company’s stock worth $1,399,000 after purchasing an additional 26,004 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group during the third quarter valued at about $64,000. Finally, Geode Capital Management LLC grew its stake in Tencent Music Entertainment Group by 2.2% in the third quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company’s stock valued at $51,405,000 after purchasing an additional 93,719 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Barclays began coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Trading Up 0.8 %

NYSE:TME opened at $10.91 on Thursday. The stock has a fifty day moving average price of $11.58 and a 200 day moving average price of $12.09. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $8.19 and a 12-month high of $15.77. The firm has a market cap of $18.72 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69.

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.