Tencent Music Entertainment Group (NYSE:TME) Stake Trimmed by E Fund Management Hong Kong Co. Ltd.

E Fund Management Hong Kong Co. Ltd. reduced its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 8.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 554,387 shares of the company’s stock after selling 48,674 shares during the period. Tencent Music Entertainment Group comprises 4.0% of E Fund Management Hong Kong Co. Ltd.’s investment portfolio, making the stock its 6th largest 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.

Several other large investors have also recently added to or reduced their stakes in the business. QRG Capital Management Inc. grew its holdings in Tencent Music Entertainment Group by 5.7% during the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after acquiring an additional 860 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after acquiring an additional 922 shares in the last quarter. Tobam grew its holdings in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares in the last quarter. Atomi Financial Group Inc. grew its holdings in Tencent Music Entertainment Group by 6.1% during the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock worth $379,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its holdings in 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 worth $570,000 after acquiring an additional 1,862 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TME has been the subject of several analyst reports. Mizuho lowered their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Benchmark lowered their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $12.67.

Tencent Music Entertainment Group Stock Down 1.3 %

Shares of NYSE:TME opened at $11.41 on Thursday. The stock has a market cap of $19.58 billion, a P/E ratio of 24.80, a P/E/G ratio of 0.85 and a beta of 0.66. The firm has a fifty day moving average price of $11.25 and a 200 day moving average price of $12.86. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 1-year low of $6.76 and a 1-year high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates 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%. Sell-side analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

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.