Centiva Capital LP Trims Stake in Tencent Music Entertainment Group (NYSE:TME)

Centiva Capital LP lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 35.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 143,309 shares of the company’s stock after selling 77,131 shares during the quarter. Centiva Capital LP’s holdings in Tencent Music Entertainment Group were worth $1,727,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group during the second quarter valued at approximately $37,000. Tobam grew its position in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares in the last quarter. Avior Wealth Management LLC increased its stake 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 acquiring an additional 4,071 shares during the last quarter. Caprock Group LLC bought a new position in Tencent Music Entertainment Group in the third quarter valued at $147,000. Finally, Diversify Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group during the third quarter valued at about $166,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $12.29 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The firm has a market cap of $21.09 billion, a P/E ratio of 22.76, a P/E/G ratio of 0.92 and a beta of 0.68. The business’s 50 day moving average price is $11.84 and its 200-day moving average price is $12.58.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TME. Mizuho reduced their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Sanford C. Bernstein began 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 target for the company. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Profile

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.