Harvest Fund Management Co. Ltd Reduces Position in Tencent Music Entertainment Group (NYSE:TME)

Harvest Fund Management Co. Ltd cut its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 28.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 272,404 shares of the company’s stock after selling 110,752 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Tencent Music Entertainment Group were worth $3,089,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Cantillon Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 18.3% during the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after buying an additional 3,384,230 shares during the period. State Street Corp increased its position in shares of Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after buying an additional 166,225 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Tencent Music Entertainment Group by 8.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock valued at $73,539,000 after buying an additional 522,599 shares during the period. FMR LLC increased its position in shares of Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after buying an additional 2,967,779 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after buying an additional 211,873 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley upgraded 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 report on Tuesday, January 21st. Three equities research 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, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $15.10 on Wednesday. The company has a 50-day simple moving average of $12.22 and a two-hundred day simple moving average of $11.75. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 27.96, a PEG ratio of 0.77 and a beta of 0.70.

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.