Tencent Music Entertainment Group (NYSE:TME) Holdings Decreased by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. reduced its stake in Tencent Music Entertainment Group (NYSE:TME) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,006,195 shares of the company’s stock after selling 118,936 shares during the period. Tencent Music Entertainment Group comprises 3.1% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its 7th largest position. E Fund Management Co. Ltd. owned 0.23% of Tencent Music Entertainment Group worth $56,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after purchasing an additional 84,131 shares during the period. Goldman Sachs Group Inc. increased its stake in Tencent Music Entertainment Group by 78.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after purchasing an additional 6,088,504 shares during the period. Norges Bank purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $105,328,000. Hsbc Holdings PLC increased its stake in Tencent Music Entertainment Group by 234.7% in the 4th quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock worth $91,012,000 after purchasing an additional 7,094,511 shares during the period. Finally, Aspex Management HK Ltd purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $81,542,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TME shares. Benchmark reduced their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Mizuho reduced their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Bank of America dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $12.72.

Tencent Music Entertainment Group Trading Up 0.1 %

TME opened at $9.49 on Wednesday. The stock’s fifty day moving average is $12.13 and its two-hundred day moving average is $12.67. The company has a market capitalization of $16.29 billion, a P/E ratio of 20.63, a PEG ratio of 0.72 and a beta of 0.65. Tencent Music Entertainment Group has a 52 week low of $5.96 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 (NYSE:TME) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.01). The firm had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. Analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share 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; 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.