Coronation Fund Managers Ltd. Has $62.53 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

Coronation Fund Managers Ltd. lessened its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 2.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,509,070 shares of the company's stock after selling 147,163 shares during the period. Tencent Music Entertainment Group comprises 3.7% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 7th biggest holding. Coronation Fund Managers Ltd. owned about 0.32% of Tencent Music Entertainment Group worth $62,528,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Tencent Music Entertainment Group by 3.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock worth $586,000 after acquiring an additional 1,923 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company's stock worth $20,059,000 after buying an additional 4,837 shares during the last quarter. Jennison Associates LLC grew its position in shares of Tencent Music Entertainment Group by 0.5% in the 4th quarter. Jennison Associates LLC now owns 2,833,838 shares of the company's stock valued at $32,164,000 after buying an additional 14,971 shares during the last quarter. Matthews International Capital Management LLC increased its position in Tencent Music Entertainment Group by 136.9% during the fourth quarter. Matthews International Capital Management LLC now owns 756,957 shares of the company's stock worth $8,591,000 after buying an additional 437,418 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth about $370,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective for the company. Morgan Stanley raised shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a research note on Tuesday, January 21st. Finally, Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 price target for the company. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of "Moderate Buy" and an average price target of $14.04.

Tencent Music Entertainment Group Trading Up 0.9 %

Shares of TME traded up $0.12 during mid-day trading on Thursday, hitting $12.78. The company had a trading volume of 7,811,781 shares, compared to its average volume of 6,734,603. Tencent Music Entertainment Group has a 1-year low of $9.15 and a 1-year high of $15.77. The business's 50-day simple moving average is $11.60 and its 200-day simple moving average is $11.54. The stock has a market cap of $21.92 billion, a PE ratio of 23.66, a P/E/G ratio of 0.73 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

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.