Belpointe Asset Management LLC Grows Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Belpointe Asset Management LLC grew its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 4.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,925 shares of the company’s stock after purchasing an additional 1,958 shares during the quarter. Belpointe Asset Management LLC’s holdings in Tencent Music Entertainment Group were worth $915,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TME. Nuveen LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $85,498,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company’s stock valued at $64,579,000 after purchasing an additional 4,352,834 shares during the last quarter. Krane Funds Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company’s stock valued at $345,619,000 after purchasing an additional 4,128,678 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Tencent Music Entertainment Group by 31.1% during the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock valued at $222,349,000 after purchasing an additional 3,656,695 shares during the last quarter. Finally, Marathon Asset Management Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $47,215,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 1.0%

TME stock opened at $23.26 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.11 and a 1-year high of $26.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market capitalization of $39.92 billion, a price-to-earnings ratio of 25.56 and a beta of 0.51. The business has a 50 day simple moving average of $24.19 and a two-hundred day simple moving average of $19.31.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Friday, August 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Wednesday. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Wednesday, August 13th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $24.47.

Tencent Music Entertainment Group Company 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.