Citigroup Inc. Lowers Position in Tencent Music Entertainment Group (NYSE:TME)

Citigroup Inc. reduced its stake in Tencent Music Entertainment Group (NYSE:TME) by 27.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,683,363 shares of the company’s stock after selling 2,191,089 shares during the period. Citigroup Inc. owned approximately 0.33% of Tencent Music Entertainment Group worth $68,485,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of TME. QRG Capital Management Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after acquiring an additional 860 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Tencent Music Entertainment Group by 0.9% in the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after buying an additional 922 shares in the last quarter. Tobam grew its stake in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares in the last quarter. Atomi Financial Group Inc. raised its holdings in shares of Tencent Music Entertainment Group by 6.1% in the 2nd 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 period. Finally, Intech Investment Management LLC lifted its stake in Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after acquiring an additional 1,664 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

TME has been the subject of several recent research reports. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America reduced their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Barclays started 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. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Finally, Mizuho dropped their price objective on shares of 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. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $11.53 on Friday. 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 1-year low of $7.93 and a 1-year high of $15.77. The stock has a market cap of $19.79 billion, a PE ratio of 21.35, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67. The firm has a fifty day moving average price of $11.62 and a 200 day moving average price of $12.74.

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.