Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 5.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 767,147 shares of the company’s stock after selling 48,083 shares during the period. Bridgewater Associates LP’s holdings in Tencent Music Entertainment Group were worth $9,244,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth about $37,000. Tobam boosted its holdings in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares in the last quarter. Avior Wealth Management LLC increased its stake in Tencent Music Entertainment Group by 253.8% in the third 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. iA Global Asset Management Inc. raised its holdings 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 purchasing an additional 10,277 shares in the last quarter. Finally, Caprock Group LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $147,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

TME has been the topic of a number of recent analyst reports. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Barclays started coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Mizuho decreased their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Morgan Stanley lowered 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 research report on Wednesday, September 25th. Finally, Bank of America decreased their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Up 4.0 %

Shares of NYSE:TME opened at $11.51 on Friday. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm’s 50-day simple moving average is $11.76 and its 200-day simple moving average is $12.69. The company has a market cap of $19.75 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 0.87 and a beta of 0.67.

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.