Harvest Fund Management Co. Ltd Reduces Position in Tencent Music Entertainment Group (NYSE:TME)

Harvest Fund Management Co. Ltd cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 19.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 392,983 shares of the company's stock after selling 94,036 shares during the period. Harvest Fund Management Co. Ltd's holdings in Tencent Music Entertainment Group were worth $3,537,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TME. Vontobel Holding Ltd. boosted its position in shares of Tencent Music Entertainment Group by 349.4% during the third quarter. Vontobel Holding Ltd. now owns 48,425 shares of the company's stock valued at $309,000 after buying an additional 37,649 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Tencent Music Entertainment Group by 9.4% during the 3rd quarter. SG Americas Securities LLC now owns 284,823 shares of the company's stock valued at $1,817,000 after purchasing an additional 24,551 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at about $230,000. Coronation Fund Managers Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 11.1% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 7,125,652 shares of the company's stock worth $45,462,000 after purchasing an additional 711,395 shares during the period. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 8.0% in the third quarter. Asset Management One Co. Ltd. now owns 116,823 shares of the company's stock worth $745,000 after buying an additional 8,682 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TME has been the topic of several recent research reports. UBS Group upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price target on the stock in a research report on Wednesday, January 24th. Morgan Stanley upped their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an "overweight" rating in a research note on Wednesday, March 20th. Citigroup upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Redburn Atlantic assumed coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a "buy" rating and a $12.00 price objective for the company. Finally, Benchmark upped their price objective on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and a consensus price target of $11.63.

Tencent Music Entertainment Group Price Performance

TME stock traded up $0.57 during trading on Tuesday, reaching $12.33. The company's stock had a trading volume of 14,926,646 shares, compared to its average volume of 8,688,984. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $12.36. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $21.16 billion, a P/E ratio of 28.02, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81. The company's fifty day moving average is $10.86 and its 200-day moving average is $9.21.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. The firm had revenue of $971.00 million during the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. On average, research analysts expect that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.

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