J. Safra Sarasin Holding AG Buys Shares of 60,000 Tencent Music Entertainment Group Sponsored ADR $TME

J. Safra Sarasin Holding AG bought a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 60,000 shares of the company’s stock, valued at approximately $1,400,000.

Other hedge funds also recently modified their holdings of the company. Global Retirement Partners LLC lifted its stake in Tencent Music Entertainment Group by 1,326.5% in the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after purchasing an additional 1,751 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after buying an additional 1,363 shares during the period. MAI Capital Management purchased a new position in shares of Tencent Music Entertainment Group during the 2nd quarter valued at $73,000. iA Global Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth $131,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Tencent Music Entertainment Group by 424.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock worth $167,000 after acquiring an additional 5,793 shares during the period. Institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of a number of research reports. Morgan Stanley lowered their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Barclays boosted their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Finally, Bank of America began coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Stock Up 1.7%

TME opened at $17.24 on Thursday. The firm has a market capitalization of $29.09 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 1.07 and a beta of 0.45. Tencent Music Entertainment Group Sponsored ADR has a one year low of $11.54 and a one year high of $26.70. The company has a fifty day moving average price of $17.66 and a 200-day moving average price of $21.16. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08.

Tencent Music Entertainment Group Company 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.