M&G PLC Makes New Investment in Tencent Music Entertainment Group Sponsored ADR $TME

M&G PLC bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 476,271 shares of the company’s stock, valued at approximately $10,954,000.

Other hedge funds have also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in Tencent Music Entertainment Group by 11.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,248 shares of the company’s stock worth $333,000 after buying an additional 1,449 shares during the period. Glaxis Capital Management LLC bought a new position in Tencent Music Entertainment Group in the 3rd quarter worth about $350,000. Assetmark Inc. increased its position in shares of Tencent Music Entertainment Group by 24.9% during the third quarter. Assetmark Inc. now owns 77,374 shares of the company’s stock worth $1,806,000 after acquiring an additional 15,447 shares during the period. Caprock Group LLC bought a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $546,000. Finally, Navellier & Associates Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $1,532,000. 24.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TME shares. Barclays lifted their target price on 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. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Morgan Stanley dropped their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. Bank of America began coverage on shares of 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. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Trading Up 4.5%

TME opened at $15.84 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average is $17.14 and its two-hundred day moving average is $20.69. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.71 and a 1 year high of $26.70.

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.