Polen Capital Management LLC Has $12.03 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Polen Capital Management LLC lowered its holdings in Tencent Music Entertainment Group (NYSE:TME) by 31.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,059,587 shares of the company’s stock after selling 480,351 shares during the quarter. Polen Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $12,026,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Corient Private Wealth LLC grew its holdings in Tencent Music Entertainment Group by 4.2% in the 4th quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock valued at $383,000 after buying an additional 1,370 shares during the last quarter. Catalyst Funds Management Pty Ltd acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $1,135,000. LBP AM SA grew its holdings in Tencent Music Entertainment Group by 3.2% in the 4th quarter. LBP AM SA now owns 350,000 shares of the company’s stock valued at $3,972,000 after buying an additional 11,000 shares during the last quarter. Sustainable Growth Advisers LP acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $4,743,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in Tencent Music Entertainment Group by 8.8% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 152,474 shares of the company’s stock valued at $1,787,000 after buying an additional 12,300 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analysts Set New Price Targets

Separately, Morgan Stanley upgraded 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 research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $12.53 on Monday. The business has a 50 day simple moving average of $12.09 and a 200 day simple moving average of $11.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company has a market capitalization of $21.49 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77.

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.