E Fund Management Co. Ltd. Has $38.53 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

E Fund Management Co. Ltd. boosted its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,276,150 shares of the company's stock after acquiring an additional 109,422 shares during the period. Tencent Music Entertainment Group accounts for 2.4% of E Fund Management Co. Ltd.'s investment portfolio, making the stock its 9th biggest holding. E Fund Management Co. Ltd. owned approximately 0.25% of Tencent Music Entertainment Group worth $38,528,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TME. Vanguard Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 24,944,394 shares of the company's stock worth $159,145,000 after purchasing an additional 207,197 shares during the last quarter. Invesco Ltd. raised its stake in shares of Tencent Music Entertainment Group by 17.6% in the third quarter. Invesco Ltd. now owns 11,648,403 shares of the company's stock valued at $74,317,000 after acquiring an additional 1,747,251 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Tencent Music Entertainment Group by 65.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company's stock worth $69,725,000 after acquiring an additional 4,317,720 shares in the last quarter. Matthews International Capital Management LLC grew its position in Tencent Music Entertainment Group by 32.2% during the 4th quarter. Matthews International Capital Management LLC now owns 4,523,020 shares of the company's stock worth $40,752,000 after acquiring an additional 1,101,370 shares during the last quarter. Finally, Polen Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 10.1% during the 3rd quarter. Polen Capital Management LLC now owns 3,518,249 shares of the company's stock valued at $22,446,000 after purchasing an additional 321,842 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on TME. Redburn Atlantic began 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 on the stock. Citigroup raised shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. CLSA started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued an "outperform" rating and a $10.50 target price for the company. Bank of America upped their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a "buy" rating in a research report on Wednesday, March 20th. Finally, UBS Group raised shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price target for the company in a report on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.63.

Tencent Music Entertainment Group Trading Up 1.0 %

Shares of NYSE:TME traded up $0.13 during midday trading on Thursday, hitting $13.38. The company had a trading volume of 9,262,584 shares, compared to its average volume of 8,435,447. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. Tencent Music Entertainment Group has a 12 month low of $5.70 and a 12 month high of $13.66. The firm has a fifty day simple moving average of $11.46 and a 200 day simple moving average of $9.67. The stock has a market cap of $22.96 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 0.83 and a beta of 0.77.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.01. The firm had revenue of $971.00 million for the quarter, compared to analysts' expectations 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, analysts predict that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

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