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Citigroup Downgrades Tencent Music Entertainment Group
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Fintel reports that on July 31, 2023, Citigroup downgraded their outlook for Tencent Music Entertainment Group – ADR (NYSE:TME) from Buy to Neutral.
Analyst Price Forecast Suggests 44.76% Upside
As of July 6, 2023, the average one-year price target for Tencent Music Entertainment Group – ADR is 10.12. The forecasts range from a low of 7.47 to a high of $12.08. The average price target represents an increase of 44.76% from its latest reported closing price of 6.99.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Tencent Music Entertainment Group – ADR is 29,716MM, an increase of 3.54%. The projected annual non-GAAP EPS is 3.13.
What is the Fund Sentiment?
There are 432 funds or institutions reporting positions in Tencent Music Entertainment Group – ADR. This is an increase of 15 owner(s) or 3.60% in the last quarter. Average portfolio weight of all funds dedicated to TME is 0.23%, a decrease of 12.50%. Total shares owned by institutions decreased in the last three months by 3.34% to 451,928K shares. The put/call ratio of TME is 0.37, indicating a bullish outlook.
What are Other Shareholders Doing?
Canada Pension Plan Investment Board holds 36,993K shares representing 2.21% ownership of the company. No change in the last quarter.
Krane Funds Advisors holds 34,566K shares representing 2.06% ownership of the company. In it’s prior filing, the firm reported owning 38,022K shares, representing a decrease of 10.00%. The firm decreased its portfolio allocation in TME by 7.12% over the last quarter.
KWEB – KraneShares CSI China Internet ETF holds 32,314K shares representing 1.93% ownership of the company. In it’s prior filing, the firm reported owning 35,400K shares, representing a decrease of 9.55%. The firm decreased its portfolio allocation in TME by 3.36% over the last quarter.
Baillie Gifford holds 28,822K shares representing 1.72% ownership of the company. In it’s prior filing, the firm reported owning 28,689K shares, representing an increase of 0.46%. The firm decreased its portfolio allocation in TME by 68.09% over the last quarter.
Schroder Investment Management Group holds 15,547K shares representing 0.93% ownership of the company. In it’s prior filing, the firm reported owning 15,063K shares, representing an increase of 3.11%. The firm decreased its portfolio allocation in TME by 3.30% over the last quarter.
Tencent Music Entertainment Group Background Information
(This description is provided by the company.)
TencentMusic Entertainment Group is the leading online music entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TencentMusic’s mission is to use technology to elevate the role of music in people’s lives by enabling them to create, enjoy, share and interact with music. TencentMusic’s platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.
This article originally appeared on Fintel
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