Penserra Capital Management LLC Sells 214,839 Shares of Tencent Music Entertainment Group (NYSE:TME)

Penserra Capital Management LLC lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 47.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth about $37,000. Tobam increased its position 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 worth $49,000 after acquiring an additional 957 shares in the last quarter. Avior Wealth Management LLC increased its holdings in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock valued at $68,000 after purchasing an additional 4,071 shares in the last quarter. iA Global Asset Management Inc. raised its position in 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 purchasing an additional 10,277 shares during the period. Finally, Caprock Group LLC purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter worth about $147,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 1.1 %

Shares of NYSE TME traded down $0.12 during mid-day trading on Tuesday, reaching $11.07. 5,298,882 shares of the company traded hands, compared to its average volume of 8,595,572. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The company's fifty day moving average is $11.65 and its two-hundred day moving average is $12.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market cap of $19.00 billion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America lowered their price target on 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. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective for the company. Daiwa America cut Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 13th. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and a consensus price target of $13.28.

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.