44,967 Shares in Tencent Music Entertainment Group Sponsored ADR $TME Purchased by Fortis Capital Advisors LLC

Key Points

• Fortis Capital Advisors LLC acquired 44,967 shares of Tencent Music Entertainment Group, valued at approximately $648,000, during the first quarter, highlighting growing interest from institutional investors.
• Several research firms have recently upgraded Tencent Music, with Macquarie setting a price target of $29.80 and Zacks Research upgrading it to a "strong-buy".
• Tencent Music's stock is currently trading at $25.50 with a market cap of $43.75 billion and has shown a significant price range over the past year, with a low of $9.41 and a high of $26.54.

Fortis Capital Advisors LLC bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 44,967 shares of the company's stock, valued at approximately $648,000.

Other hedge funds have also recently bought and sold shares of the company. SVB Wealth LLC acquired a new position in Tencent Music Entertainment Group during the first quarter worth about $34,000. Banque Transatlantique SA acquired a new position in Tencent Music Entertainment Group during the first quarter worth about $46,000. Brooklyn Investment Group grew its holdings in 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 acquiring an additional 4,307 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of 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 period. Finally, Eschler Asset Management LLP acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at $206,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on TME. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Benchmark increased their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Zacks Research upgraded Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. 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. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Stock Up 0.9%

Shares of Tencent Music Entertainment Group stock opened at $25.50 on Thursday. The firm has a market cap of $43.75 billion, a price-to-earnings ratio of 28.02 and a beta of 0.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $26.54. The stock has a 50-day simple moving average of $22.90 and a 200-day simple moving average of $17.79.

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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