Tencent Music Entertainment Group (NYSE:TME) is E Fund Management Hong Kong Co. Ltd.’s 6th Largest Position

E Fund Management Hong Kong Co. Ltd. decreased its holdings in Tencent Music Entertainment Group (NYSE:TME) by 8.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 554,387 shares of the company’s stock after selling 48,674 shares during the quarter. Tencent Music Entertainment Group comprises about 4.0% of E Fund Management Hong Kong Co. Ltd.’s investment portfolio, making the stock its 6th biggest holding. E Fund Management Hong Kong Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $6,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. QRG Capital Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after purchasing an additional 860 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Tencent Music Entertainment Group by 0.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after buying an additional 922 shares during the period. Tobam grew its position in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares during the period. Atomi Financial Group Inc. increased its holdings in Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after buying an additional 1,561 shares in the last quarter. Finally, Diversify Wealth Management LLC lifted its position in shares of Tencent Music Entertainment Group by 3.9% during the 3rd quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock valued at $570,000 after acquiring an additional 1,862 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $11.41 on Thursday. The company has a market capitalization of $19.58 billion, a price-to-earnings ratio of 24.80, a PEG ratio of 0.85 and a beta of 0.66. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 1 year low of $6.76 and a 1 year high of $15.77. The company’s 50 day simple moving average is $11.25 and its 200 day simple moving average is $12.86.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The business had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. On average, sell-side analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on TME. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Bank of America decreased their price objective on shares of 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. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Mizuho cut their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.67.

About Tencent Music Entertainment Group

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.