AIA Group Ltd Invests $708,000 in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• AIA Group Ltd has acquired 49,118 shares of Tencent Music Entertainment Group, valued at approximately $708,000, marking a significant investment in the company.
• Various institutional investors increased their stakes in Tencent Music Entertainment Group, with notable acquisitions by Vise Technologies Inc., Ethic Inc., and Oppenheimer Asset Management Inc.
• Wall Street analysts have raised their target prices for Tencent Music, with Citigroup increasing its price target from $23.00 to $29.00 and maintaining a "buy" rating.

AIA Group Ltd bought a new stake 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 (SEC). The institutional investor bought 49,118 shares of the company's stock, valued at approximately $708,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new position in Tencent Music Entertainment Group during the 1st quarter worth $85,498,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after purchasing an additional 4,352,834 shares in the last quarter. Krane Funds Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after purchasing an additional 4,128,678 shares in the last quarter. FMR LLC increased its position in shares of Tencent Music Entertainment Group by 64.7% in the fourth quarter. FMR LLC now owns 9,831,895 shares of the company's stock worth $111,592,000 after purchasing an additional 3,861,122 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Tencent Music Entertainment Group by 31.1% in the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock valued at $222,349,000 after purchasing an additional 3,656,695 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays restated an "overweight" rating and issued a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday. Benchmark boosted their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday. Finally, Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $23.29.

Tencent Music Entertainment Group Trading Down 0.2%

TME stock traded down $0.05 during midday trading on Thursday, hitting $25.55. The stock had a trading volume of 10,218,926 shares, compared to its average volume of 6,378,803. The company has a current ratio of 1.87, a quick ratio of 1.83 and a debt-to-equity ratio of 0.04. The firm has a market cap of $43.85 billion, a P/E ratio of 28.08 and a beta of 0.50. The business has a fifty day moving average price of $20.46 and a two-hundred day moving average price of $16.15. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $26.54.

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.