Sumitomo Mitsui Trust Group Inc. Sells 137,505 Shares of Tencent Music Entertainment Group (NYSE:TME)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Tencent Music Entertainment Group (NYSE:TME) by 7.2% during the 3rd quarter, Holdings Channel reports. The fund owned 1,762,482 shares of the company’s stock after selling 137,505 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Tencent Music Entertainment Group were worth $21,238,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of TME. Progeny 3 Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at $11,436,000. Swedbank AB acquired a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $1,980,000. Russell Investments Group Ltd. raised its stake in Tencent Music Entertainment Group by 102.8% in the 1st quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock valued at $7,919,000 after acquiring an additional 358,694 shares during the period. Diversified Trust Co bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth $632,000. Finally, SG Americas Securities LLC increased its position in Tencent Music Entertainment Group by 33.3% during the 2nd quarter. SG Americas Securities LLC now owns 317,594 shares of the company’s stock worth $4,462,000 after buying an additional 79,307 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $11.07 on Monday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The business’s fifty day simple moving average is $11.45 and its 200-day simple moving average is $12.80. Tencent Music Entertainment Group has a 12-month low of $7.93 and a 12-month high of $15.77. The company has a market cap of $19.00 billion, a PE ratio of 20.50, a PEG ratio of 0.83 and a beta of 0.67.

Analyst Ratings Changes

Several analysts have recently issued reports on TME shares. Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Barclays initiated coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.