Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) is E Fund Management Co. Ltd.'s 8th Largest Position

Key Points

• E Fund Management Co. Ltd. has reduced its shares in Tencent Music Entertainment Group by 19.3%, selling 697,261 shares to hold a total of 2,920,588 shares now valued at approximately $42 million.
• Institutional interest in Tencent Music has been mixed, with Resona Asset Management increasing its stake by 9.7% and Polen Capital Management boosting theirs by 86.7% in the first quarter of 2023.
• Despite the recent changes, analysts maintain a positive outlook, with an average rating of "Moderate Buy" and an upward price target increase, with Barclays setting a target of $27.00.

E Fund Management Co. Ltd. cut its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 19.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,920,588 shares of the company's stock after selling 697,261 shares during the period. Tencent Music Entertainment Group comprises approximately 2.0% of E Fund Management Co. Ltd.'s investment portfolio, making the stock its 8th biggest position. E Fund Management Co. Ltd. owned approximately 0.17% of Tencent Music Entertainment Group worth $42,086,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. increased its holdings in Tencent Music Entertainment Group by 35.6% in 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 during the period. Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at $169,000. Ethic Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at $192,000. Vident Advisory LLC increased its holdings in Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after purchasing an additional 3,538 shares during the period. Finally, Ballentine Partners LLC increased its holdings in Tencent Music Entertainment Group by 10.6% in the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock valued at $303,000 after purchasing an additional 2,019 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded down $0.05 during trading hours on Thursday, hitting $25.55. 10,218,926 shares of the company were exchanged, compared to its average volume of 6,378,803. The firm has a fifty day simple moving average of $20.46 and a 200 day simple moving average of $16.15. The company has a current ratio of 1.87, a quick ratio of 1.83 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $26.54. The stock has a market capitalization of $43.85 billion, a price-to-earnings ratio of 28.08 and a beta of 0.50.

Analyst Upgrades and Downgrades

TME has been the subject of a number of recent research reports. Benchmark increased their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Wednesday. Finally, Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $23.29.

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.