Belpointe Asset Management LLC Acquires Shares of 44,967 Tencent Music Entertainment Group Sponsored ADR $TME

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

Other large investors also recently modified their holdings of the company. SVB Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth $34,000. Banque Transatlantique SA acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth $46,000. Brooklyn Investment Group increased its position in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after buying an additional 4,307 shares during the period. Vise Technologies Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $169,000. Finally, Ethic Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $192,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on TME. Barclays reiterated an "overweight" rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Citigroup reissued a "buy" rating and set a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Stock Down 4.0%

Shares of Tencent Music Entertainment Group stock traded down $1.05 during trading hours on Thursday, reaching $25.31. The company's stock had a trading volume of 10,301,192 shares, compared to its average volume of 5,424,741. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.66 and a one year high of $26.70. The company has a market capitalization of $43.43 billion, a P/E ratio of 27.81 and a beta of 0.54. The stock's fifty day simple moving average is $23.58 and its two-hundred day simple moving average is $18.33. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87.

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.