Wellington Management Group LLP Sells 1,956,168 Shares of Tencent Music Entertainment Group (NYSE:TME)

Wellington Management Group LLP lessened its stake in Tencent Music Entertainment Group (NYSE:TME) by 83.9% in the third quarter, HoldingsChannel reports. The fund owned 376,495 shares of the company’s stock after selling 1,956,168 shares during the period. Wellington Management Group LLP’s holdings in Tencent Music Entertainment Group were worth $4,537,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TME. Cantillon Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 39.9% in the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. State Street Corp raised its stake in shares of Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after acquiring an additional 166,225 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after purchasing an additional 1,925,124 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Tencent Music Entertainment Group by 58.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after purchasing an additional 2,284,347 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Tencent Music Entertainment Group by 14.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock valued at $71,984,000 after purchasing an additional 753,383 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Tencent Music Entertainment Group Trading Down 5.7 %

NYSE TME opened at $11.30 on Tuesday. The stock’s fifty day moving average price is $11.74 and its 200-day moving average price is $12.41. 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 market cap of $19.39 billion, a P/E ratio of 20.93, a P/E/G ratio of 0.91 and a beta of 0.68. Tencent Music Entertainment Group has a 12 month low of $8.15 and a 12 month high of $15.77.

Tencent Music Entertainment Group Company 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.