Stifel Financial Corp Sells 2,552 Shares of Tencent Music Entertainment Group (NYSE:TME)

Stifel Financial Corp decreased its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 6.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,066 shares of the company’s stock after selling 2,552 shares during the period. Stifel Financial Corp’s holdings in Tencent Music Entertainment Group were worth $435,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Progeny 3 Inc. bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth about $11,436,000. Bank of Montreal Can boosted its position in shares of Tencent Music Entertainment Group by 86.0% during the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after buying an additional 84,161 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Tencent Music Entertainment Group by 33.6% during the third quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock worth $23,028,000 after buying an additional 480,504 shares in the last quarter. Fiera Capital Corp grew its holdings in shares of Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after buying an additional 75,991 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Tencent Music Entertainment Group by 4.0% in the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after buying an additional 211,873 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 1.7 %

Tencent Music Entertainment Group stock opened at $11.72 on Friday. The stock has a 50-day simple moving average of $11.65 and a 200 day simple moving average of $12.29. The stock has a market capitalization of $20.11 billion, a P/E ratio of 21.70, a PEG ratio of 0.91 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 52 week low of $8.19 and a 52 week high of $15.77.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TME. Sanford C. Bernstein started coverage on 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. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Barclays began 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 price target on the stock. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.28.

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.