E Fund Management Hong Kong Co. Ltd. lessened its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 30.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 304,924 shares of the company's stock after selling 132,589 shares during the quarter. Tencent Music Entertainment Group comprises about 3.9% of E Fund Management Hong Kong Co. Ltd.'s holdings, making the stock its 6th largest holding. E Fund Management Hong Kong Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $4,394,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Schroder Investment Management Group increased its position in shares of Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock worth $715,783,000 after acquiring an additional 3,987,116 shares during the last quarter. Vanguard Group Inc. increased its holdings in Tencent Music Entertainment Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock worth $335,833,000 after purchasing an additional 332,264 shares during the last quarter. Cantillon Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 18.3% during the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company's stock worth $247,893,000 after purchasing an additional 3,384,230 shares during the last quarter. Krane Funds Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 21.8% in the 4th quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company's stock valued at $225,365,000 after purchasing an additional 3,560,452 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 558.2% during the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock valued at $133,629,000 after buying an additional 9,984,690 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.
Analyst Upgrades and Downgrades
TME has been the topic of several recent analyst reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Mizuho increased their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.60.
Check Out Our Latest Research Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Performance
TME stock traded up $0.40 during midday trading on Friday, reaching $19.10. The company had a trading volume of 6,801,399 shares, compared to its average volume of 8,172,881. The firm has a market capitalization of $32.77 billion, a PE ratio of 22.73 and a beta of 0.51. The stock has a 50 day moving average price of $16.32 and a 200 day moving average price of $13.75. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $19.40. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05.
Tencent Music Entertainment Group Profile
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Free Report)
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.
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