Stifel Financial Corp Sells 2,552 Shares of Tencent Music Entertainment Group (NYSE:TME)

Stifel Financial Corp cut its stake in Tencent Music Entertainment Group (NYSE:TME) by 6.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,066 shares of the company’s stock after selling 2,552 shares during the quarter. Stifel Financial Corp’s holdings in Tencent Music Entertainment Group were worth $435,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of Tencent Music Entertainment Group by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 2,637,301 shares of the company’s stock worth $37,054,000 after purchasing an additional 46,495 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tencent Music Entertainment Group by 90.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 427,394 shares of the company’s stock worth $6,005,000 after buying an additional 203,177 shares during the period. Principal Financial Group Inc. increased its position in Tencent Music Entertainment Group by 116.5% during the 2nd quarter. Principal Financial Group Inc. now owns 5,266,424 shares of the company’s stock worth $73,993,000 after buying an additional 2,834,212 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Tencent Music Entertainment Group by 89.7% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 70,820 shares of the company’s stock worth $995,000 after buying an additional 33,493 shares in the last quarter. Finally, Atlas Capital Advisors LLC bought a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $361,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Down 1.7 %

Shares of TME opened at $11.72 on Friday. The firm has a 50 day simple moving average of $11.65 and a two-hundred day simple moving average of $12.29. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a one year low of $8.19 and a one year high of $15.77. The company has a market cap of $20.11 billion, a P/E ratio of 21.70, a P/E/G ratio of 0.91 and a beta of 0.68.

Analyst Ratings Changes

A number of equities analysts recently commented on TME shares. Barclays started coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

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.