Tencent Music Entertainment Group (NYSE:TME) Stake Lessened by Penserra Capital Management LLC

Penserra Capital Management LLC trimmed its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 47.5% during the third quarter, HoldingsChannel reports. The fund 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 SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after acquiring an additional 84,131 shares during the last quarter. Acadian Asset Management LLC increased its stake in Tencent Music Entertainment Group by 180,800.0% during the first quarter. Acadian Asset Management LLC now owns 23,517 shares of the company’s stock valued at $262,000 after purchasing an additional 23,504 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 39.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 36,868 shares of the company’s stock worth $413,000 after purchasing an additional 10,419 shares during the period. Bayesian Capital Management LP bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth about $352,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Tencent Music Entertainment Group by 7.0% in the 1st quarter. California State Teachers Retirement System now owns 215,202 shares of the company’s stock valued at $2,408,000 after buying an additional 14,145 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $11.19 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market cap of $19.20 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 0.87 and a beta of 0.67. The stock’s 50 day moving average price is $11.65 and its 200 day moving average price is $12.72. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on TME shares. Sanford C. Bernstein began 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 on the stock. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Barclays assumed coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Finally, Bank of America cut their target price 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. Four 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, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Company 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.