Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by IFM Investors Pty Ltd

IFM Investors Pty Ltd increased its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 112.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,714 shares of the company’s stock after buying an additional 35,772 shares during the quarter. IFM Investors Pty Ltd’s holdings in Tencent Music Entertainment Group were worth $1,600,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth $110,813,000. JPMorgan Chase & Co. increased its position in Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after purchasing an additional 4,071,323 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Tencent Music Entertainment Group by 1,847.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock worth $37,714,000 after purchasing an additional 1,835,687 shares during the period. Skandinaviska Enskilda Banken AB publ raised its stake in Tencent Music Entertainment Group by 993.5% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,718,774 shares of the company’s stock worth $33,576,000 after purchasing an additional 1,561,600 shares during the period. Finally, Schroder Investment Management Group boosted its holdings in Tencent Music Entertainment Group by 2.2% in the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock valued at $1,324,310,000 after purchasing an additional 1,491,095 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 0.1%

NYSE:TME opened at $17.65 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.26 and a 52 week high of $26.70. The stock’s fifty day moving average is $19.67 and its two-hundred day moving average is $21.45. The stock has a market capitalization of $30.28 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 1.25 and a beta of 0.47. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

Analysts Set New Price Targets

TME has been the subject of a number of recent analyst reports. Benchmark cut their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Barclays raised their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Bank of America initiated coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target on the stock. Morgan Stanley lowered their price target on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a report on Monday. Finally, Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.