E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 73.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 171,563 shares of the company’s stock after acquiring an additional 72,738 shares during the quarter. Tencent Music Entertainment Group comprises 1.7% of E Fund Management Hong Kong Co. Ltd.’s investment portfolio, making the stock its 21st biggest position. E Fund Management Hong Kong Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $2,656,000 at the end of the most recent quarter. Several other hedge funds also recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its holdings in shares of Tencent Music Entertainment Group by 8.2% during the 1st quarter. Baillie Gifford & Co. now owns 46,032,615 shares of the company’s stock worth $943,208,000 after buying an additional 3,480,167 shares during the period. Ninety One UK Ltd boosted its holdings in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Ninety One UK Ltd now owns 22,498,580 shares of the company’s stock worth $460,996,000 after buying an additional 3,880,520 shares during the period. Soma Equity Partners LP boosted its holdings in 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 valued at $245,880,000 after purchasing an additional 2,000,000 shares during the period. Bank of New York Mellon Corp boosted its holdings in 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 valued at $217,768,000 after purchasing an additional 4,040,667 shares during the period. Finally, Sands Capital Management LLC bought a new stake in Tencent Music Entertainment Group in the 1st quarter valued at about $216,964,000. 31.09% of the stock is owned by institutional investors and hedge funds. TME stock traded down $0.25 during trading on Friday, reaching $9.80. 10,890,265 shares of the company were exchanged, compared to its average volume of 23,143,656. The business’s 50-day moving average is $13.17. The company has a market capitalization of $16.44 billion, a P/E ratio of 26.49, a price-to-earnings-growth ratio of 2.48 and a beta of 1.03. Tencent Music Entertainment Group has a twelve month low of $9.51 and a twelve month high of $32.25. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.06 and a quick ratio of 3.06. A number of analysts have issued reports on the stock. Needham & Company LLC assumed coverage on shares of Tencent Music Entertainment Group in a report on Friday, July 9th. They issued a “buy” rating and a $25.00 price objective for the company. Citigroup cut their price target on shares of Tencent Music Entertainment Group from $30.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, May 18th. TheStreet downgraded shares of Tencent Music Entertainment Group from a “c-” rating to a “d+” rating in a report on Thursday. JPMorgan Chase & Co. downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to a “neutral” rating in a report on Wednesday. Finally, Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $23.00 to $14.00 in a report on Thursday, July 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $25.17. 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. Read More: What is a Call Option? 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). 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](/daily-email-updates-basic/?symbol=NYSE:TME&c=Tencent+Music+Entertainment+Group) .