River & Mercantile Asset Management LLP Sells 25,920 Shares of Tencent Music Entertainment Group (NYSE:TME)

River & Mercantile Asset Management LLP lessened its holdings in Tencent Music Entertainment Group (NYSE:TME – Get Rating) by 7.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 305,428 shares of the company’s stock after selling 25,920 shares during the period. River & Mercantile Asset Management LLP’s holdings in Tencent Music Entertainment Group were worth $1,244,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in TME. Activest Wealth Management bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at $28,000. Boothbay Fund Management LLC bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at $46,000. Cerity Partners LLC bought a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at $51,000. HighTower Advisors LLC bought a new position in Tencent Music Entertainment Group during the 1st quarter worth $51,000. Finally, O Shaughnessy Asset Management LLC bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth $54,000. Institutional investors own 21.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TME. Benchmark upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research report on Wednesday, November 16th. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $4.50 to $8.50 in a research report on Thursday, December 1st. 86 Research cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Thursday, January 19th. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $5.00 to $8.00 in a research report on Monday, January 9th. Finally, JPMorgan Chase & Co. started coverage on Tencent Music Entertainment Group in a research report on Monday, January 30th. They issued an “overweight” rating on the stock. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.02.

Tencent Music Entertainment Group Stock Down 3.0 %

Shares of NYSE TME opened at $7.53 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.15 and a current ratio of 2.15. Tencent Music Entertainment Group has a 52 week low of $3.14 and a 52 week high of $9.29. The stock has a market capitalization of $12.76 billion, a P/E ratio of 26.89, a PEG ratio of 0.66 and a beta of 0.80. The stock’s fifty day moving average is $8.25 and its 200 day moving average is $6.45.

About Tencent Music Entertainment Group

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Tencent Music Entertainment Group is a holding company, which engages in the operation of an online music and audio entertainment platform. Its platform is composed of online music, online audio, online karaoke, music-centric live streaming, and online concert services. The company was founded on June 6, 2012 and is headquartered in Shenzhen, China.