Concurrent Investment Advisors LLC Lowers Position in Tencent Music Entertainment Group (NYSE:TME)

Concurrent Investment Advisors LLC trimmed its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 10.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,000 shares of the company’s stock after selling 2,000 shares during the period. Concurrent Investment Advisors LLC’s holdings in Tencent Music Entertainment Group were worth $204,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TME. Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at about $64,000. Avior Wealth Management LLC boosted its stake in Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the last quarter. Caprock Group LLC bought a new stake in Tencent Music Entertainment Group in the 3rd quarter worth approximately $147,000. Diversify Advisory Services LLC bought a new stake in Tencent Music Entertainment Group in the 3rd quarter worth approximately $166,000. Finally, DRW Securities LLC bought a new stake in Tencent Music Entertainment Group in the 3rd quarter worth approximately $169,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a research report on Tuesday, January 21st. Finally, Barclays started coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $12.95 on Thursday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $9.15 and a 12 month high of $15.77. The company has a market capitalization of $22.23 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 0.77 and a beta of 0.70. The firm’s 50-day moving average is $11.83 and its 200 day moving average is $11.53.

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.