E Fund Management Hong Kong Co. Ltd. Has $4.97 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

E Fund Management Hong Kong Co. Ltd. lessened its position in Tencent Music Entertainment Group (NYSE:TME) by 21.1% during the fourth quarter, Holdings Channel reports. The fund owned 437,513 shares of the company’s stock after selling 116,874 shares during the period. Tencent Music Entertainment Group comprises 4.0% of E Fund Management Hong Kong Co. Ltd.’s holdings, making the stock its 6th biggest holding. E Fund Management Hong Kong Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $4,966,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in TME. Envestnet Asset Management Inc. raised its stake in shares of Tencent Music Entertainment Group by 320.2% during the second quarter. Envestnet Asset Management Inc. now owns 123,759 shares of the company’s stock worth $1,739,000 after acquiring an additional 94,308 shares in the last quarter. Intech Investment Management LLC purchased a new position in Tencent Music Entertainment Group in the 2nd quarter worth $256,000. AQR Capital Management LLC raised its position in Tencent Music Entertainment Group by 29.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,279,095 shares of the company’s stock worth $17,888,000 after purchasing an additional 290,573 shares during the period. MBB Public Markets I LLC bought a new stake in Tencent Music Entertainment Group in the second quarter worth $750,000. Finally, The Manufacturers Life Insurance Company boosted its position in Tencent Music Entertainment Group by 58.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after buying an additional 2,284,347 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a research note on Tuesday, January 21st. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Finally, Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price on the stock. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.54.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $11.63 on Monday. The firm has a market capitalization of $19.95 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 0.67 and a beta of 0.69. The stock has a fifty day moving average of $11.47 and a 200 day moving average of $11.78. Tencent Music Entertainment Group has a 52 week low of $8.71 and a 52 week high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

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; 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.