Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 7.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,762,482 shares of the company's stock after selling 137,505 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.10% of Tencent Music Entertainment Group worth $21,238,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Tencent Music Entertainment Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company's stock worth $280,395,000 after buying an additional 84,131 shares during the last quarter. Ninety One UK Ltd acquired a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at $122,775,000. Driehaus Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company's stock valued at $100,167,000 after purchasing an additional 1,925,124 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Tencent Music Entertainment Group by 58.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company's stock valued at $86,835,000 after purchasing an additional 2,284,347 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Tencent Music Entertainment Group by 14.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company's stock valued at $71,984,000 after purchasing an additional 753,383 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Up 3.8 %

NYSE TME traded up $0.42 during trading hours on Monday, hitting $11.49. 7,226,123 shares of the company were exchanged, compared to its average volume of 8,658,713. The company has a 50 day moving average of $11.48 and a two-hundred day moving average of $12.79. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 52-week low of $7.93 and a 52-week high of $15.77. The firm has a market cap of $19.72 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 0.83 and a beta of 0.67.

Analyst Upgrades and Downgrades

TME has been the topic of several recent analyst reports. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Benchmark decreased their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 13th. Bank of America cut their price objective 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. Finally, Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an "outperform" rating and a $14.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.