Goldman Sachs Group Inc. Has $138.09 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Goldman Sachs Group Inc. reduced its stake in Tencent Music Entertainment Group (TME) by 10.7%, now holding approximately 9.58 million shares valued at $138.09 million.
• Various hedge funds have increased their investments in Tencent Music, with Brooklyn Investment Group boosting its stake by 957.1% during the first quarter.
• Analyst ratings for Tencent Music have been positive, with Citigroup and Barclays raising their target prices to $29.00 and $27.00 respectively, while the stock currently trades around $25.63.

Goldman Sachs Group Inc. lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 10.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,582,842 shares of the company's stock after selling 1,148,396 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.56% of Tencent Music Entertainment Group worth $138,089,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ballentine Partners LLC increased its holdings in shares of Tencent Music Entertainment Group by 10.6% during the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after buying an additional 2,019 shares in the last quarter. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group in the 1st quarter valued at $34,000. Asset Management One Co. Ltd. boosted its stake in Tencent Music Entertainment Group by 0.5% in the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock worth $7,272,000 after purchasing an additional 2,549 shares in the last quarter. Compound Planning Inc. grew its holdings in shares of Tencent Music Entertainment Group by 12.3% during the first quarter. Compound Planning Inc. now owns 28,500 shares of the company's stock worth $411,000 after purchasing an additional 3,127 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its position in Tencent Music Entertainment Group by 10.2% during the 1st quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company's stock worth $525,000 after buying an additional 3,364 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 2.7%

Shares of TME traded up $0.69 during mid-day trading on Wednesday, hitting $26.17. 2,324,564 shares of the company's stock were exchanged, compared to its average volume of 7,239,398. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.41 and a 52 week high of $26.70. The company has a market cap of $44.90 billion, a PE ratio of 28.82 and a beta of 0.54. The company has a 50-day simple moving average of $23.35 and a 200 day simple moving average of $18.18.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on TME shares. Citigroup reaffirmed a "buy" rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $24.47.

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.