Dimensional Fund Advisors LP reduces its equity holdings in Tencent Music Entertainment Group (NYSE:TME)
Dimensional Fund Advisors LP reduced its holdings of Tencent Music Entertainment Group (NYSE:TME – Get Rating) stock by 9.8% in Q4, according to its latest SEC disclosure. The fund held 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 worth $67,277,000 when it last filed with the SEC.
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 Q3. Barclays PLC now owns 1,645,511 shares in the company worth $6,681,000 after acquiring a further 244,812 shares in the last quarter. Aviva PLC increased its stake in Tencent Music Entertainment Group by 6.4% in Q3. Aviva PLC now owns 382,259 shares in the company worth $1,552,000 after acquiring an additional 23,000 shares in the last quarter. Lazard Asset Management LLC bought a new position in Tencent Music Entertainment Group in Q3 for a value of approximately $2,524,000. GAM Holding AG bought a new position in Tencent Music Entertainment Group in Q4 for a value of approximately $9,356,000. 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 worth $102,000 after acquiring 5,110 additional shares in the last quarter. 21.77% of the shares are currently held by hedge funds and other institutional investors.
Tencent Music Entertainment Group loses 3.1%
Shares of TME opened at $7.27 on Friday. Tencent Music Entertainment Group has a 1-year minimum of $3.14 and a 1-year maximum of $9.29. The company has a fifty-day moving average price of $7.59 and a 200-day moving average price of $7.61. The company has a debt ratio of 0.10, a current ratio of 2.35 and a quick ratio of 2.35. The company has a market capitalization of $12.32 billion, a price-earnings ratio of 18.64, a PEG ratio of 0.60 and a beta of 0.81.
Analyst upgrades and downgrades
A number of stock analysts have weighed in on the stock recently. China Renaissance upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a price target of $10.60 for the company in a Wednesday, May 17 report. Benchmark reiterated a “buy” rating and set a target price of $11.00 on Tencent Music Entertainment Group shares in a Wednesday, March 22 research note. Citigroup moved shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a target price of $9.70 for the company in a Wednesday, May 17 research note. JPMorgan Chase & Co. began covering Tencent Music Entertainment Group shares in a research note on Monday, January 30. They set an “overweight” rating for the company. Finally, Mizuho raised its price target on Tencent Music Entertainment Group shares from $10.00 to $11.00 in a Wednesday, May 17 research note. Three equity research analysts gave the stock a hold rating and seven gave the company a buy rating. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.14.
About Tencent Music Entertainment Group (Get 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 based in Shenzhen, China.
See also
Want to see what other hedge funds own 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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