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

Harvest Fund Management Co. Ltd trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 0.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 383,156 shares of the company’s stock after selling 2,905 shares during the quarter. 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.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Tencent Music Entertainment Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after buying an additional 84,131 shares during the last quarter. Cantillon Capital Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after acquiring an additional 5,265,783 shares during the last quarter. Ninety One UK Ltd bought a new position in Tencent Music Entertainment Group in the 2nd quarter valued at about $122,775,000. Driehaus Capital Management LLC lifted its position in Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after acquiring an additional 1,925,124 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Tencent Music Entertainment Group by 58.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after purchasing an additional 2,284,347 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TME has been the subject of several analyst reports. 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. Barclays started coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Mizuho reduced their target price on 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. Bank of America dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Tencent Music Entertainment Group Trading Up 0.1 %

Shares of TME opened at $11.53 on Monday. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The business has a 50-day moving average of $11.62 and a 200 day moving average of $12.73. The firm has a market cap of $19.79 billion, a P/E ratio of 21.35, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67. 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.