Tencent Music Entertainment Group (NYSE:TME) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 9.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 11,613 shares of the company’s stock after selling 1,259 shares during the period. CIBC Asset Management Inc’s holdings in Tencent Music Entertainment Group were worth $132,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D raised its position in Tencent Music Entertainment Group by 21.0% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 366,311 shares of the company’s stock worth $4,158,000 after buying an additional 63,615 shares during the last quarter. Vontobel Holding Ltd. purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth $375,000. Asset Management One Co. Ltd. raised its position in Tencent Music Entertainment Group by 2.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company’s stock worth $5,884,000 after buying an additional 10,905 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Tencent Music Entertainment Group by 8.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock worth $73,539,000 after buying an additional 522,599 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Tencent Music Entertainment Group by 3.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after buying an additional 1,923 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

TME has been the subject of a number of analyst reports. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective 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 target for the company in a report on Tuesday, January 21st. Finally, Barclays assumed coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $12.95 on Thursday. Tencent Music Entertainment Group has a twelve month low of $9.15 and a twelve month high of $15.77. The company has a market capitalization of $22.23 billion, a P/E ratio of 23.99, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The firm has a 50-day moving average price of $11.83 and a two-hundred day moving average price of $11.53. The company has a current ratio of 2.34, a quick 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.