Asset Management One Co. Ltd. Raises Position in Tencent Music Entertainment Group Sponsored ADR $TME

Asset Management One Co. Ltd. boosted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 44.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 729,925 shares of the company’s stock after buying an additional 225,293 shares during the period. Asset Management One Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $14,226,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. SVB Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Brooklyn Investment Group increased its stake in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $69,000 after purchasing an additional 4,307 shares in the last quarter. QRG Capital Management Inc. bought a new position in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $243,000. Finally, PDS Planning Inc increased its stake in shares of Tencent Music Entertainment Group by 5.6% during the second quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock valued at $245,000 after purchasing an additional 665 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $22.91 on Monday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $10.11 and a twelve month high of $26.70. The firm has a market cap of $39.32 billion, a P/E ratio of 25.18 and a beta of 0.51. The company has a 50 day moving average of $24.15 and a 200 day moving average of $20.15.

Analyst Ratings Changes

A number of brokerages have weighed in on TME. Citigroup reaffirmed a “buy” rating and set a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Friday. Barclays reaffirmed an “overweight” rating and set a $27.00 target price (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Wednesday, August 13th. Finally, Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Buy” and a consensus target price 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.