Tencent Music Entertainment Group Sponsored ADR $TME is E Fund Management Hong Kong Co. Ltd.’s 8th Largest Position

E Fund Management Hong Kong Co. Ltd. lowered its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 23.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 232,647 shares of the company’s stock after selling 72,695 shares during the period. Tencent Music Entertainment Group accounts for 3.3% of E Fund Management Hong Kong Co. Ltd.’s investment portfolio, making the stock its 8th largest position. E Fund Management Hong Kong Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $5,430,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in TME. Schroder Investment Management Group grew its holdings in shares of Tencent Music Entertainment Group by 2.2% during the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock worth $1,324,310,000 after purchasing an additional 1,491,095 shares during the period. JPMorgan Chase & Co. increased its stake in Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after buying an additional 4,071,323 shares during the period. State Street Corp raised its stake in shares of Tencent Music Entertainment Group by 1.3% in the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after acquiring an additional 155,692 shares in the last quarter. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group during the second quarter worth about $110,813,000. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Tencent Music Entertainment Group by 174.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after acquiring an additional 3,384,583 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $17.60 on Wednesday. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.26 and a 52 week high of $26.70. The company has a market cap of $31.71 billion, a PE ratio of 18.33, a P/E/G ratio of 1.14 and a beta of 0.45. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The company’s fifty day simple moving average is $18.95 and its 200-day simple moving average is $21.45.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TME. Benchmark decreased their target price on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Morgan Stanley dropped their price target on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, December 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.