E Fund Management Hong Kong Co. Ltd. lessened its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 8.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 554,387 shares of the company's stock after selling 48,674 shares during the period. Tencent Music Entertainment Group comprises about 4.0% of E Fund Management Hong Kong Co. Ltd.'s 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 filing with the SEC.
Other institutional investors and hedge funds also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at $37,000. Tobam lifted its position in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. iA Global Asset Management Inc. lifted its position in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock valued at $131,000 after acquiring an additional 10,277 shares during the last quarter. Wrapmanager Inc. acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at $192,000. Finally, Diversify Advisory Services LLC acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter valued at $166,000. Institutional investors and hedge funds own 24.32% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on TME. Mizuho cut their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 14th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America cut 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, Daiwa America downgraded shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.67.
Check Out Our Latest Stock Analysis on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Down 2.5 %
Tencent Music Entertainment Group stock traded down $0.29 during mid-day trading on Thursday, hitting $11.13. 5,855,821 shares of the company's stock were exchanged, compared to its average volume of 8,703,205. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a 50 day moving average of $11.26 and a two-hundred day moving average of $12.85. Tencent Music Entertainment Group has a 1-year low of $6.76 and a 1-year high of $15.77. The stock has a market cap of $19.10 billion, a P/E ratio of 24.20, a P/E/G ratio of 0.85 and a beta of 0.66.
Tencent Music Entertainment Group (NYSE:TME - Get Free Report) 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 during the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. As a group, analysts anticipate that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.
About Tencent Music Entertainment Group
(
Free Report)
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.
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