Bridgewater Associates LP Cuts Position in Tencent Music Entertainment Group (NYSE:TME)

Bridgewater Associates LP reduced its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 5.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 767,147 shares of the company’s stock after selling 48,083 shares during the quarter. Bridgewater Associates LP’s holdings in Tencent Music Entertainment Group were worth $9,244,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in TME. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $37,000. Tobam boosted its position in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares in the last quarter. Avior Wealth Management LLC grew its holdings 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. increased its position in shares of Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. Finally, Caprock Group LLC acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth $147,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TME shares. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Barclays began coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Bank of America reduced their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Mizuho dropped their price target 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. Finally, Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $11.51 on Friday. The company has a market cap of $19.75 billion, a P/E ratio of 21.31, a P/E/G ratio of 0.87 and a beta of 0.67. The firm’s 50 day moving average is $11.76 and its two-hundred day moving average is $12.69. 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.

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.