Citigroup Inc. decreased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 27.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new position in Tencent Music Entertainment Group in the 2nd quarter valued at $37,000. Tobam grew its position in shares of Tencent Music Entertainment Group by 37.7% during the 2nd 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. Avior Wealth Management LLC increased its stake in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock valued at $68,000 after buying an additional 4,071 shares during the period. iA Global Asset Management Inc. raised its holdings in shares of Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock valued at $131,000 after acquiring an additional 10,277 shares in the last quarter. Finally, Caprock Group LLC purchased a new stake in Tencent Music Entertainment Group in the third quarter worth about $147,000. Hedge funds and other institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Performance
Shares of NYSE:TME traded up $0.01 during midday trading on Friday, reaching $11.53. The company's stock had a trading volume of 4,641,596 shares, compared to its average volume of 6,886,076. Tencent Music Entertainment Group has a twelve month low of $7.93 and a twelve month high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $19.79 billion, a PE ratio of 21.35, a P/E/G ratio of 0.87 and a beta of 0.67. The stock has a fifty day moving average of $11.62 and a 200 day moving average of $12.74.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Daiwa America cut 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. Barclays assumed 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 target price for the company. Mizuho decreased their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. 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's stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and a consensus price target of $13.28.
Read Our Latest Research Report on TME
Tencent Music Entertainment Group Company Profile
(
Free Report)
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.
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