Sumitomo Mitsui Trust Group Inc. Sells 137,505 Shares of Tencent Music Entertainment Group (NYSE:TME)

Sumitomo Mitsui Trust Group Inc. trimmed its position in Tencent Music Entertainment Group (NYSE:TME) by 7.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 reporting period.

Several other large investors have also recently bought and sold shares of TME. Ashton Thomas Private Wealth LLC bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $37,000. Tobam increased its holdings in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares during the last quarter. iA Global Asset Management Inc. increased its holdings in Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares during the last quarter. Wrapmanager Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter worth $192,000. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter worth $166,000. 24.32% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on TME shares. Benchmark lowered their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Bank of America decreased 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 assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $11.07 on Monday. The stock has a market capitalization of $19.00 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 0.83 and a beta of 0.67. The stock’s fifty day simple moving average is $11.45 and its 200 day simple moving average is $12.80. 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.

About Tencent Music Entertainment Group

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.