Tencent Music Entertainment Group (NYSE:TME) Holdings Reduced by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. decreased its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 8.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,617,849 shares of the company’s stock after selling 352,072 shares during the quarter. Tencent Music Entertainment Group comprises 2.1% of E Fund Management Co. Ltd.’s holdings, making the stock its 9th largest holding. E Fund Management Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $41,063,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth $64,000. Avior Wealth Management LLC raised its stake in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. Finally, Caprock Group LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $147,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research note on Tuesday, January 21st. Barclays assumed coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $13.52 on Thursday. The stock has a market capitalization of $23.19 billion, a P/E ratio of 25.03, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The business’s fifty day moving average is $11.92 and its two-hundred day moving average is $11.58. 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 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.