Harvest Fund Management Co. Ltd Sells 110,752 Shares of Tencent Music Entertainment Group (NYSE:TME)

Harvest Fund Management Co. Ltd lessened its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 28.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,404 shares of the company’s stock after selling 110,752 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Tencent Music Entertainment Group were worth $3,089,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TME. William Blair Investment Management LLC purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth $21,597,000. Corient Private Wealth LLC boosted its holdings in Tencent Music Entertainment Group by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock worth $383,000 after acquiring an additional 1,370 shares during the last quarter. Catalyst Funds Management Pty Ltd purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth $1,135,000. LBP AM SA boosted its holdings in Tencent Music Entertainment Group by 3.2% during the 4th quarter. LBP AM SA now owns 350,000 shares of the company’s stock worth $3,972,000 after acquiring an additional 11,000 shares during the last quarter. Finally, Sustainable Growth Advisers LP purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth $4,743,000. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $15.10 on Wednesday. The company’s 50-day moving average is $12.22 and its 200 day moving average is $11.75. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market capitalization of $25.91 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised shares of 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 report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.04.

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.