104,838 Shares in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp acquired 104,838 shares of Tencent Music Entertainment Group, valued at approximately $1.51 million, marking a significant new investment in the company.
• Analysts have recently upgraded Tencent Music to a "strong-buy" rating, with multiple firms setting optimistic price targets, including a target of $26.20 from Macquarie.
• As of the latest reports, Tencent Music shares have grown by 4.0%, with a market capitalization now standing at $36.66 billion.

Mackenzie Financial Corp acquired a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 104,838 shares of the company's stock, valued at approximately $1,511,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. LPL Financial LLC grew its position in Tencent Music Entertainment Group by 40.2% in the fourth quarter. LPL Financial LLC now owns 69,539 shares of the company's stock worth $789,000 after buying an additional 19,928 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after acquiring an additional 160,078 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $2,055,000. Wells Fargo & Company MN raised its stake in Tencent Music Entertainment Group by 86.9% during the 4th quarter. Wells Fargo & Company MN now owns 136,423 shares of the company's stock valued at $1,548,000 after purchasing an additional 63,413 shares during the period. Finally, Aviva PLC lifted its holdings in shares of Tencent Music Entertainment Group by 2.3% in the fourth quarter. Aviva PLC now owns 523,348 shares of the company's stock valued at $5,940,000 after purchasing an additional 11,600 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TME shares. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Sunday. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.60.

Tencent Music Entertainment Group Stock Performance

Shares of TME traded up $0.33 on Wednesday, reaching $21.88. 3,863,971 shares of the company's stock traded hands, compared to its average volume of 7,432,270. The stock's 50 day simple moving average is $19.60 and its two-hundred day simple moving average is $15.58. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $22.50. The stock has a market cap of $37.55 billion, a PE ratio of 26.05 and a beta of 0.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.