Penserra Capital Management LLC Reduces Holdings in Tencent Music Entertainment Group (NYSE:TME)

Penserra Capital Management LLC lowered its stake in Tencent Music Entertainment Group (NYSE:TME) by 47.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 237,561 shares of the company’s stock after selling 214,839 shares during the quarter. Penserra Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $2,862,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of TME. QRG Capital Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 5.7% during the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after acquiring an additional 860 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Tencent Music Entertainment Group by 0.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after buying an additional 922 shares in the last quarter. Tobam grew its holdings in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares in the last quarter. Atomi Financial Group Inc. raised its position in shares of Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after buying an additional 1,561 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after buying an additional 1,664 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on TME. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Bank of America cut their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Down 2.9 %

Shares of Tencent Music Entertainment Group stock opened at $11.19 on Tuesday. The company has a fifty day moving average price of $11.65 and a 200 day moving average price of $12.72. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a twelve month low of $7.93 and a twelve month high of $15.77. The stock has a market cap of $19.20 billion, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67.

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.