Harvest Fund Management Co. Ltd Buys 159,945 Shares of Tencent Music Entertainment Group (NYSE:TME)

Harvest Fund Management Co. Ltd boosted its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 4,385.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 163,592 shares of the company’s stock after purchasing an additional 159,945 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Tencent Music Entertainment Group were worth $2,530,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ninety One UK Ltd lifted its position in shares of Tencent Music Entertainment Group by 20.8% in the 1st quarter. Ninety One UK Ltd now owns 22,498,580 shares of the company’s stock worth $460,996,000 after acquiring an additional 3,880,520 shares during the period. Soma Equity Partners LP lifted its position in shares of Tencent Music Entertainment Group by 20.0% in the 1st quarter. Soma Equity Partners LP now owns 12,000,000 shares of the company’s stock worth $245,880,000 after acquiring an additional 2,000,000 shares during the period. Coronation Fund Managers Ltd. lifted its position in shares of Tencent Music Entertainment Group by 65.0% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 11,162,043 shares of the company’s stock worth $172,788,000 after acquiring an additional 4,397,913 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Tencent Music Entertainment Group by 61.3% in the 1st quarter. Bank of New York Mellon Corp now owns 10,627,989 shares of the company’s stock worth $217,768,000 after acquiring an additional 4,040,667 shares during the period. Finally, Sands Capital Management LLC bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $216,964,000. Hedge funds and other institutional investors own 27.81% of the company’s stock.

A number of equities research analysts recently weighed in on the company. Macquarie cut Tencent Music Entertainment Group from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $11.30 to $5.10 in a report on Tuesday, August 17th. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $23.00 to $14.00 in a research report on Thursday, July 15th. TheStreet lowered Tencent Music Entertainment Group from a “c-” rating to a “d+” rating in a report on Thursday, August 12th. Needham & Company LLC dropped their price target on Tencent Music Entertainment Group from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, August 19th. Finally, Loop Capital downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and dropped their price target for the company from $17.00 to $10.00 in a research note on Monday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Tencent Music Entertainment Group has an average rating of “Hold” and a consensus price target of $19.01.

NYSE TME traded up $0.02 on Friday, hitting $7.92. 130,805 shares of the company’s stock were exchanged, compared to its average volume of 23,197,615. The stock has a 50-day moving average of $9.88 and a 200-day moving average of $15.68. The company has a current ratio of 2.88, a quick ratio of 2.87 and a debt-to-equity ratio of 0.10. Tencent Music Entertainment Group has a 52 week low of $7.03 and a 52 week high of $32.25. The stock has a market cap of $13.29 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 5.02 and a beta of 1.01.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Sunday, August 15th. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.58. Tencent Music Entertainment Group had a return on equity of 8.68% and a net margin of 12.83%. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The company’s quarterly revenue was up 15.5% on a year-over-year basis. As a group, analysts predict that Tencent Music Entertainment Group will post 0.28 earnings per share for the current year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group engages in the operation of an online music entertainment platform. Its platform comprises of online music, online karaoke, and music-centric live streaming products. The company was founded on June 6, 2012 and is headquartered in Beijing, China.

Recommended Story: What moving averages are used to define a golden cross?

Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group (NYSE:TME).

Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.