Dimensional Fund Advisors LP Reduces Share Holdings in Tencent Music Entertainment Group (NYSE:TME)
According to its most recent filing with the SEC, Dimensional Fund Advisors LP reduced its holdings in Tencent Music Entertainment Group (NYSE:TME – get rating) shares by 9.8% in the fourth quarter. The fund owned 8,122,959 shares of the company after selling 877,796 shares during the period. Dimensional Fund Advisors LP owned approximately 0.48% of Tencent Music Entertainment Group valued at $67,277,000 at the time of the most recent SEC filing.
Other major investors have also recently changed their positions in the company. Barclays PLC increased its stake in Tencent Music Entertainment Group by 17.5% in the third quarter. Barclays PLC now owns 1,645,511 shares of the company’s stock valued at $6,681,000 after purchasing an additional 244,812 shares last quarter. Aviva PLC increased its stake in Tencent Music Entertainment Group by 6.4% in the third quarter. Aviva PLC now owns 382,259 shares of the company’s stock valued at $1,552,000 after purchasing an additional 23,000 shares last quarter. Lazard Asset Management LLC acquired a new position in Tencent Music Entertainment Group valued at approximately $2,524,000 during the third quarter. GAM Holding AG acquired a new position in Tencent Music Entertainment Group valued at approximately $9,356,000 in Q4. Finally, Pinnacle Wealth Planning Services Inc. increased its stake in Tencent Music Entertainment Group by 25.5% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 25,184 shares of the company’s stock valued at $102,000 after purchasing an additional 5,110 shares last quarter. 21.77% of the shares are currently owned by hedge funds and other institutional investors.
Tencent Music Entertainment Group is down 3.1%
TME stock opened at $7.27 on Friday. Tencent Music Entertainment Group has a 1-year low of $3.14 and a 1-year high of $9.29. The company has a 50-day moving average price of $7.59 and a 200-day moving average price of $7.61. The company has a debt to equity ratio of 0.10, a current ratio of 2.35 and a short term ratio of 2.35. The company has a market cap of $12.32 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 0.60 and a beta of 0.81.
Analyst upgrades and downgrades
Several equity analysts recently commented on the stock. China Renaissance upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report Wednesday, May 17, setting a price target of $10.60 for the company. Benchmark reiterated its “buy” rating and set a price target of $11.00 on Tencent Music Entertainment Group shares in a research note on Wednesday, March 22. Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating on Wednesday, May 17, with a price target of $9.70 for the company in a research note fixed. JPMorgan Chase & Co. began reporting on shares of Tencent Music Entertainment Group in a research note on Monday, January 30th. They rated the company as “overweight”. Finally, in a research note on Wednesday, May 17, Mizuho raised its price target on Tencent Music Entertainment Group shares to $11.00 from $10.00. Three equities research analysts have rated the stock as ‘hold’ and seven have rated it as ‘buy’. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of Moderate Buy and a consensus price target of $9.14.
About Tencent Music Entertainment Group (received rating)
Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke and live streaming services. Its product brands include QQ Music, Kugou Music, Kuwo Music and WeSing. The company was founded on June 6, 2012 and is headquartered in Shenzhen, China.
See also
Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Tencent Music Entertainment Group (NYSE:TME – Get Rating).
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