Harvest Fund Management Co. Ltd Sells 2,905 Shares of Tencent Music Entertainment Group (NYSE:TME)

Harvest Fund Management Co. Ltd reduced its stake in Tencent Music Entertainment Group (NYSE:TME) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 383,156 shares of the company’s stock after selling 2,905 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Tencent Music Entertainment Group were worth $4,617,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in Tencent Music Entertainment Group by 15.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 877,343 shares of the company’s stock worth $10,572,000 after purchasing an additional 115,315 shares during the period. Intech Investment Management LLC boosted its position in shares of Tencent Music Entertainment Group by 9.1% in the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after acquiring an additional 1,664 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in Tencent Music Entertainment Group by 150.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,823,722 shares of the company’s stock valued at $21,976,000 after acquiring an additional 1,094,714 shares in the last quarter. Jennison Associates LLC increased its holdings in Tencent Music Entertainment Group by 93.2% during the 3rd quarter. Jennison Associates LLC now owns 2,818,867 shares of the company’s stock worth $33,967,000 after acquiring an additional 1,359,691 shares during the period. Finally, Avior Wealth Management LLC lifted its stake in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on TME. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Barclays initiated coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Bank of America lowered their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Finally, Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Price Performance

TME stock opened at $11.53 on Monday. The firm has a market cap of $19.79 billion, a P/E ratio of 21.35, a P/E/G ratio of 0.87 and a beta of 0.67. The firm’s fifty day moving average is $11.62 and its 200 day moving average is $12.73. Tencent Music Entertainment Group has a 52 week low of $7.93 and a 52 week high of $15.77. 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 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.