44,967 Shares in Tencent Music Entertainment Group Sponsored ADR $TME Acquired by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC acquired 44,967 shares of Tencent Music Entertainment Group Sponsored ADR, valued at approximately $648,000, indicating growing interest in the stock.
• Analysts have raised their price targets for Tencent Music, with Benchmark increasing theirs from $19.00 to $28.00 and Barclays setting a new target at $27.00, reflecting positive market sentiment.
• Tencent Music Entertainment Group currently holds a market cap of $42.87 billion and its shares have a 52-week range between $9.41 and $26.54, demonstrating significant price volatility.

Belpointe Asset Management LLC purchased a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 44,967 shares of the company's stock, valued at approximately $648,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $192,000. Envestnet Asset Management Inc. raised its position in 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 purchasing an additional 37,108 shares during the last quarter. Cerity Partners LLC raised its position in Tencent Music Entertainment Group by 14.1% in the 1st quarter. Cerity Partners LLC now owns 57,140 shares of the company's stock valued at $823,000 after purchasing an additional 7,066 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in Tencent Music Entertainment Group by 35.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after purchasing an additional 3,570 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $1,008,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on TME shares. Benchmark upped their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Barclays restated an "overweight" rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Citigroup restated a "buy" rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $24.98 on Friday. The stock has a market cap of $42.87 billion, a price-to-earnings ratio of 27.45 and a beta of 0.54. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.41 and a 52 week high of $26.54. The company's 50-day moving average price is $23.14 and its 200 day moving average price is $18.00. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

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.

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