E Fund Management Co. Ltd. Has $41.06 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

E Fund Management Co. Ltd. lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 8.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,617,849 shares of the company’s stock after selling 352,072 shares during the quarter. Tencent Music Entertainment Group makes up 2.1% of E Fund Management Co. Ltd.’s portfolio, making the stock its 9th biggest position. E Fund Management Co. Ltd. owned 0.21% of Tencent Music Entertainment Group worth $41,063,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group in the 3rd quarter worth about $64,000. Avior Wealth Management LLC increased its holdings in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $110,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $114,000. Finally, Caprock Group LLC bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at about $147,000. Institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 21st. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.04.

Tencent Music Entertainment Group Stock Up 6.8 %

Shares of TME opened at $13.52 on Thursday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The stock’s 50 day moving average is $11.92 and its two-hundred day moving average is $11.58. The firm has a market cap of $23.19 billion, a P/E ratio of 25.03, a PEG ratio of 0.77 and a beta of 0.70.

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.