Fortis Capital Advisors LLC acquired a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 44,967 shares of the company's stock, valued at approximately $648,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Ethic Inc. acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth $192,000. Envestnet Asset Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 10.6% during the first quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock valued at $5,583,000 after acquiring an additional 37,108 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Tencent Music Entertainment Group by 15.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company's stock valued at $72,952,000 after acquiring an additional 666,674 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Tencent Music Entertainment Group by 14.1% during the first quarter. Cerity Partners LLC now owns 57,140 shares of the company's stock valued at $823,000 after acquiring an additional 7,066 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after acquiring an additional 3,570 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Price Performance
Shares of NYSE TME traded down $0.38 during mid-day trading on Tuesday, reaching $25.15. The company had a trading volume of 1,766,823 shares, compared to its average volume of 7,255,363. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $26.54. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a market cap of $43.15 billion, a PE ratio of 27.58 and a beta of 0.54. The company has a 50-day moving average price of $23.25 and a two-hundred day moving average price of $18.13.
Wall Street Analyst Weigh In
A number of research firms have recently commented on TME. Benchmark raised their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Citigroup reiterated a "buy" rating and set a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Barclays reiterated an "overweight" rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $24.47.
Check Out Our Latest Stock Analysis on TME
About Tencent Music Entertainment Group
(
Free Report)
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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