Tencent Music Entertainment Group (NYSE:TME) Stock Position Raised by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. grew its holdings in Tencent Music Entertainment Group (NYSE:TME) by 2.6% during the 4th quarter, Holdings Channel reports. The firm owned 4,276,150 shares of the company’s stock after buying an additional 109,422 shares during the period. Tencent Music Entertainment Group comprises approximately 2.4% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its 9th biggest holding. E Fund Management Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $38,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of TME. Nordea Investment Management AB grew its holdings in Tencent Music Entertainment Group by 25.1% during the 4th quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock valued at $11,735,000 after buying an additional 265,093 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $2,690,000. China Universal Asset Management Co. Ltd. raised its stake in Tencent Music Entertainment Group by 2,115.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company’s stock valued at $2,076,000 after purchasing an additional 220,000 shares during the last quarter. Ballentine Partners LLC lifted its holdings in Tencent Music Entertainment Group by 33.9% in the 4th quarter. Ballentine Partners LLC now owns 15,132 shares of the company’s stock valued at $136,000 after purchasing an additional 3,835 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Tencent Music Entertainment Group by 14.3% during the 4th quarter. SG Americas Securities LLC now owns 325,588 shares of the company’s stock worth $2,934,000 after purchasing an additional 40,765 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Up 1.0 %

TME traded up $0.13 during trading on Thursday, hitting $13.38. 9,263,677 shares of the company’s stock were exchanged, compared to its average volume of 8,435,436. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $13.66. The stock has a 50 day moving average price of $11.40 and a 200 day moving average price of $9.65. The firm has a market cap of $22.96 billion, a P/E ratio of 30.13, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. The business had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. As a group, analysts expect that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TME. Redburn Atlantic began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a “buy” rating and a $12.00 price objective on the stock. UBS Group raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price target on the stock in a research note on Wednesday, January 24th. Citigroup raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $9.00 to $13.00 in a research report on Wednesday, March 20th. Morgan Stanley raised their price target on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Finally, HSBC increased their price objective on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.