Progeny 3 Inc. Has $4.08 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Progeny 3 Inc. trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 58.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 338,693 shares of the company’s stock after selling 475,260 shares during the period. Progeny 3 Inc.’s holdings in Tencent Music Entertainment Group were worth $4,081,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System increased its position in Tencent Music Entertainment Group by 7.0% during the first quarter. California State Teachers Retirement System now owns 215,202 shares of the company’s stock worth $2,408,000 after buying an additional 14,145 shares during the last quarter. iA Global Asset Management Inc. lifted its stake 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 worth $131,000 after purchasing an additional 10,277 shares during the last quarter. Swedbank AB acquired a new stake in Tencent Music Entertainment Group in the first quarter valued at about $1,980,000. DNB Asset Management AS boosted its stake in shares of Tencent Music Entertainment Group by 9.7% in the 2nd quarter. DNB Asset Management AS now owns 53,305 shares of the company’s stock valued at $749,000 after purchasing an additional 4,707 shares in the last quarter. Finally, Symmetry Partners LLC acquired a new position in Tencent Music Entertainment Group during the 2nd quarter worth approximately $236,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on TME. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. Bank of America reduced 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. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Down 1.1 %

Tencent Music Entertainment Group stock opened at $11.38 on Friday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $19.53 billion, a PE ratio of 21.07, a PEG ratio of 0.87 and a beta of 0.67. The firm’s fifty day moving average is $11.79 and its 200 day moving average is $12.66. Tencent Music Entertainment Group has a 12-month low of $7.93 and a 12-month high of $15.77.

Tencent Music Entertainment Group Company 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.