Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in Tencent Music Entertainment Group by 6.4%, owning 797,572 shares valued at approximately $11.49 million.
• Analysts have shown positive sentiment towards Tencent Music, with Morgan Stanley and Barclays both issuing "overweight" ratings and raising their price targets significantly.
• Tencent Music's stock recently rose 1.5%, trading at $25.73 with a market cap of $44.15 billion and a PE ratio of 28.27.

American Century Companies Inc. lifted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 6.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 797,572 shares of the company's stock after purchasing an additional 48,125 shares during the period. American Century Companies Inc.'s holdings in Tencent Music Entertainment Group were worth $11,493,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. BNP Paribas grew its stake in Tencent Music Entertainment Group by 2.0% in the 4th quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after acquiring an additional 1,131 shares during the period. Ballentine Partners LLC grew its stake in Tencent Music Entertainment Group by 10.6% in the 1st quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after acquiring an additional 2,019 shares during the period. Asset Management One Co. Ltd. grew its stake in Tencent Music Entertainment Group by 0.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock worth $7,272,000 after acquiring an additional 2,549 shares during the period. Vontobel Holding Ltd. grew its stake in Tencent Music Entertainment Group by 10.2% in the 1st quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company's stock worth $525,000 after acquiring an additional 3,364 shares during the period. Finally, Vident Advisory LLC grew its stake in Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after acquiring an additional 3,538 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 1.5%

Shares of NYSE:TME traded down $0.36 during midday trading on Friday, hitting $24.54. 7,157,765 shares of the company's stock traded hands, compared to its average volume of 7,278,725. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The company has a market cap of $42.11 billion, a PE ratio of 26.96 and a beta of 0.50. The firm's fifty day moving average price is $21.96 and its two-hundred day moving average price is $17.19. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $26.54.

Analyst Ratings Changes

TME has been the topic of a number of research analyst reports. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. Citigroup reiterated a "buy" rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Barclays reiterated an "overweight" rating and issued a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $24.47.

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.