Tencent Music Entertainment Group (NYSE:TME) Stake Lowered by SG Americas Securities LLC

SG Americas Securities LLC cut its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 38.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,054 shares of the company's stock after selling 43,051 shares during the period. SG Americas Securities LLC's holdings in Tencent Music Entertainment Group were worth $784,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC increased its position in Tencent Music Entertainment Group by 81.2% during the 4th quarter. Harbour Capital Advisors LLC now owns 55,480 shares of the company's stock valued at $619,000 after buying an additional 24,860 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Tencent Music Entertainment Group by 9.5% during the fourth quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company's stock worth $16,738,000 after buying an additional 127,561 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company's stock valued at $66,013,000 after purchasing an additional 211,873 shares during the period. Franklin Resources Inc. boosted its position in shares of Tencent Music Entertainment Group by 20.9% during the 3rd quarter. Franklin Resources Inc. now owns 577,113 shares of the company's stock worth $7,329,000 after purchasing an additional 99,799 shares during the period. Finally, Tidal Investments LLC boosted its position in Tencent Music Entertainment Group by 28.9% in the 3rd quarter. Tidal Investments LLC now owns 116,068 shares of the company's stock valued at $1,399,000 after buying an additional 26,004 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TME shares. Morgan Stanley upgraded Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 target price on the stock in a research report on Tuesday, January 21st. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 target price on the stock. Finally, Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and an average price target of $13.54.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded up $0.64 during midday trading on Thursday, reaching $12.28. 4,864,744 shares of the company traded hands, compared to its average volume of 6,842,024. The company has a fifty day moving average price of $11.49 and a 200 day moving average price of $11.71. 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 firm has a market capitalization of $21.06 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 0.67 and a beta of 0.69. Tencent Music Entertainment Group has a twelve month low of $8.89 and a twelve month high of $15.77.

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.