TD Asset Management Inc Acquires Shares of 197,982 Tencent Music Entertainment Group Sponsored ADR $TME

TD Asset Management Inc bought a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 197,982 shares of the company’s stock, valued at approximately $4,621,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter worth $110,813,000. JPMorgan Chase & Co. increased its holdings in shares of Tencent Music Entertainment Group by 26.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after purchasing an additional 4,071,323 shares during the period. Krane Funds Advisors LLC boosted its holdings in shares of Tencent Music Entertainment Group by 25.4% during the third quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock worth $421,593,000 after purchasing an additional 3,856,410 shares during the period. Robeco Institutional Asset Management B.V. grew its position in Tencent Music Entertainment Group by 174.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after purchasing an additional 3,384,583 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its position 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 valued at $33,576,000 after purchasing an additional 1,561,600 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TME. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Morgan Stanley cut their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a report on Monday, December 22nd. Barclays boosted their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Benchmark reduced their price target on 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Trading Down 1.4%

Shares of NYSE:TME opened at $14.23 on Wednesday. The business has a 50-day moving average of $16.46 and a two-hundred day moving average of $20.05. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.71 and a fifty-two week high of $26.70. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

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.