Blue Trust Inc. Trims Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Blue Trust Inc. trimmed its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 57.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,974 shares of the company’s stock after selling 12,284 shares during the period. Blue Trust Inc.’s holdings in Tencent Music Entertainment Group were worth $108,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Intech Investment Management LLC increased its position in Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after buying an additional 1,664 shares in the last quarter. Diversify Wealth Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 3.9% during the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock valued at $570,000 after acquiring an additional 1,862 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after purchasing an additional 3,746 shares in the last quarter. Avior Wealth Management LLC raised its stake in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after purchasing an additional 4,071 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of Tencent Music Entertainment Group by 2.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock worth $2,165,000 after purchasing an additional 4,265 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

TME opened at $12.06 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 1-year low of $9.15 and a 1-year high of $15.77. The company has a 50-day moving average of $11.55 and a 200-day moving average of $11.62. The company has a market capitalization of $20.69 billion, a P/E ratio of 22.32, a PEG ratio of 0.72 and a beta of 0.70.

Wall Street Analysts Forecast Growth

TME has been the topic of several recent analyst reports. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a report on Tuesday, January 21st. Finally, Barclays initiated coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $14.04.

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.