Aspex Management HK Ltd Decreases Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Aspex Management HK Ltd lowered its position in Tencent Music Entertainment Group (NYSE:TME) by 43.8% during the third quarter, HoldingsChannel.com reports. The fund owned 7,575,837 shares of the company’s stock after selling 5,898,424 shares during the quarter. Tencent Music Entertainment Group accounts for approximately 2.4% of Aspex Management HK Ltd’s holdings, making the stock its 15th largest holding. Aspex Management HK Ltd’s holdings in Tencent Music Entertainment Group were worth $91,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. QRG Capital Management Inc. grew its holdings in Tencent Music Entertainment Group by 5.7% in the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after purchasing an additional 860 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Tencent Music Entertainment Group by 0.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after buying an additional 922 shares in the last quarter. Tobam grew its stake in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. Atomi Financial Group Inc. increased its holdings in Tencent Music Entertainment Group by 6.1% during the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Intech Investment Management LLC raised 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 acquiring an additional 1,664 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Down 0.9 %

TME opened at $11.41 on Monday. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The business has a 50-day moving average of $11.79 and a two-hundred day moving average of $12.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market capitalization of $19.58 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 0.86 and a beta of 0.67.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TME. Bank of America dropped their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Benchmark reduced their price objective on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

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.