E Fund Management Hong Kong Co. Ltd. reduced its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 30.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 304,924 shares of the company's stock after selling 132,589 shares during the quarter. Tencent Music Entertainment Group makes up approximately 3.9% of E Fund Management Hong Kong Co. Ltd.'s portfolio, making the stock its 6th largest position. E Fund Management Hong Kong Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $4,394,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in 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 worth $133,629,000 after acquiring an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership bought a new stake in Tencent Music Entertainment Group during the 4th quarter valued at approximately $113,031,000. Norges Bank acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $99,539,000. Mawer Investment Management Ltd. increased its position in Tencent Music Entertainment Group by 152.2% in the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock worth $130,155,000 after buying an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group lifted its holdings 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 buying an additional 3,987,116 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
TME has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. 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. Macquarie set a $26.20 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, June 17th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $16.60.
Read Our Latest Research Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Trading Down 0.2%
TME stock traded down $0.03 during midday trading on Wednesday, reaching $18.73. The stock had a trading volume of 3,361,700 shares, compared to its average volume of 8,167,911. The firm has a market cap of $32.14 billion, a price-to-earnings ratio of 22.30 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month 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. The business has a fifty day simple moving average of $16.07 and a two-hundred day simple moving average of $13.68.
Tencent Music Entertainment Group Company Profile
(
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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