Goldman Sachs Group Inc. Sells 1,148,396 Shares of 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. trimmed its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 10.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,582,842 shares of the company's stock after selling 1,148,396 shares during the period. 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. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group during the first quarter valued at about $34,000. Banque Transatlantique SA acquired a new stake in Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Brooklyn Investment Group boosted its holdings in Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after purchasing an additional 4,307 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after purchasing an additional 3,570 shares in the last quarter. Finally, Eschler Asset Management LLP acquired a new stake in Tencent Music Entertainment Group during the first quarter valued at approximately $206,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Trading Down 2.5%

TME stock traded down $0.64 during trading on Friday, hitting $24.98. The company had a trading volume of 3,815,084 shares, compared to its average volume of 5,629,592. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $23.14 and a 200-day moving average price of $18.00. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $26.54. The stock has a market cap of $42.87 billion, a price-to-earnings ratio of 27.45 and a beta of 0.54.

Analyst Ratings Changes

TME has been the topic of a number of recent research reports. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Barclays reaffirmed an "overweight" rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Citigroup reissued a "buy" rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $24.47.

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.