Assetmark Inc. Makes New $534,000 Investment in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Assetmark Inc. purchased 37,024 shares of Tencent Music Entertainment Group, valued at approximately $534,000, during the first quarter.
• Institutional investors now own 24.32% of Tencent Music's stock, with significant increases from firms like American Century Companies Inc. and Vanguard Group Inc.
• Tencent Music Entertainment Group stock has fluctuated between a 1-year low of $9.41 and a high of $22.50, with a current PE ratio of 24.44.

Assetmark Inc. purchased a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 37,024 shares of the company's stock, valued at approximately $534,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TME. Ethic Inc. bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth $192,000. Geode Capital Management LLC lifted its position in shares of Tencent Music Entertainment Group by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock valued at $50,323,000 after buying an additional 160,078 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 10.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock valued at $5,583,000 after buying an additional 37,108 shares in the last quarter. American Century Companies Inc. grew its position in shares of Tencent Music Entertainment Group by 6.2% in the 4th quarter. American Century Companies Inc. now owns 749,447 shares of the company's stock worth $8,506,000 after buying an additional 43,859 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its position in shares of Tencent Music Entertainment Group by 2,271.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,924,231 shares of the company's stock worth $21,840,000 after buying an additional 1,843,075 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Wall Street Analyst Weigh In

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

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock traded up $0.82 on Monday, hitting $21.36. The company's stock had a trading volume of 4,387,153 shares, compared to its average volume of 7,482,414. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The firm has a fifty day moving average price of $19.45 and a 200-day moving average price of $15.47. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $22.50. The company has a market capitalization of $36.66 billion, a P/E ratio of 25.43 and a beta of 0.50.

Tencent Music Entertainment Group Profile

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.