KADENSA CAPITAL Ltd Invests $12.38 Million in Tencent Music Entertainment Group Sponsored ADR $TME

KADENSA CAPITAL Ltd bought a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the third quarter, HoldingsChannel.com reports. The firm bought 530,198 shares of the company’s stock, valued at approximately $12,375,000.

A number of other hedge funds have also bought and sold shares of the business. Smartleaf Asset Management LLC acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $31,000. Global Retirement Partners LLC increased its holdings in shares of Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after purchasing an additional 1,751 shares during the period. Jones Financial Companies Lllp raised its position in shares of Tencent Music Entertainment Group by 137.4% in the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after buying an additional 1,397 shares in the last quarter. EverSource Wealth Advisors LLC raised its position 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 in the last quarter. Finally, MAI Capital Management bought a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $73,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $14.18 on Monday. The firm has a 50-day moving average price of $15.84 and a 200-day moving average price of $19.39. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $11.71 and a 12 month high of $26.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Morgan Stanley dropped 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. One equities 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, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target 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.