1,906,905 Shares in Tencent Music Entertainment Group Sponsored ADR $TME Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. acquired a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,906,905 shares of the company's stock, valued at approximately $15,122,000. Assenagon Asset Management S.A. owned 0.12% of Tencent Music Entertainment Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sax Wealth Advisors LLC purchased a new stake in Tencent Music Entertainment Group in the 3rd quarter worth $98,000. Farther Finance Advisors LLC increased its holdings in Tencent Music Entertainment Group by 76.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 19,418 shares of the company's stock valued at $154,000 after acquiring an additional 8,418 shares during the last quarter. QRG Capital Management Inc. lifted its stake in Tencent Music Entertainment Group by 10.9% in the 2nd quarter. QRG Capital Management Inc. now owns 12,809 shares of the company's stock worth $107,000 after purchasing an additional 1,255 shares in the last quarter. Twin Peaks Capital Ltd lifted its stake in Tencent Music Entertainment Group by 275.0% in the 2nd quarter. Twin Peaks Capital Ltd now owns 300,000 shares of the company's stock worth $2,505,000 after purchasing an additional 220,000 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of Tencent Music Entertainment Group by 230.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 71,852 shares of the company's stock valued at $600,000 after purchasing an additional 50,124 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group set a $15.00 price objective on Tencent Music Entertainment Group in a research report on Wednesday, August 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tencent Music Entertainment Group in a report on Monday, September 28th. China Renaissance upgraded Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 14th. Mizuho dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. Finally, Nomura set a $10.00 price target on Tencent Music Entertainment Group and gave the company a "neutral" rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $17.21.

Tencent Music Entertainment Group Price Performance

TME stock opened at $8.64 on Tuesday. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.66 and a 52 week high of $23.85. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $8.32 and a two-hundred day simple moving average of $8.84. The firm has a market capitalization of $13.61 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.51 and a beta of 0.78.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. The firm had revenue of $1.31 billion for the quarter. Analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.87 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group is a China-based online music and audio entertainment company. Established in 2016 through the combination of Tencent's online music businesses, the company operates digital platforms that provide music streaming, audio content and interactive entertainment services.

Its principal services include QQ Music, Kugou Music and Kuwo Music, which offer licensed songs, playlists, music videos, podcasts and other audio programming. Tencent Music also operates WeSing, a social karaoke platform that enables users to sing, record and share performances.

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