Citigroup Inc. Trims Holdings in Tencent Music Entertainment Group (NYSE:TME)

Citigroup Inc. reduced its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 27.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,683,363 shares of the company’s stock after selling 2,191,089 shares during the period. Citigroup Inc.’s holdings in Tencent Music Entertainment Group were worth $68,485,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of TME. Ninety One UK Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter worth approximately $122,775,000. Cantillon Capital Management LLC raised its position in Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after buying an additional 5,265,783 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 18,902.2% in the 2nd quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock worth $62,765,000 after acquiring an additional 4,445,235 shares during the period. Mawer Investment Management Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 1,131.8% in the third quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after acquiring an additional 4,178,636 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 116.5% during the second quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after acquiring an additional 2,834,212 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TME. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Mizuho decreased their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Bank of America decreased their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $11.53 on Friday. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The firm has a market capitalization of $19.79 billion, a PE ratio of 21.35, a P/E/G ratio of 0.87 and a beta of 0.67. The company’s 50 day simple moving average is $11.62 and its 200 day simple moving average is $12.74. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

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.