Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. increased its holdings in Tencent Music Entertainment Group by 10.8%, acquiring an additional 12,800 shares to reach a total of 131,071 shares, valued at approximately $1.75 million.
• Several other institutional investors have also boosted their stakes, with Brooklyn Investment Group raising its investment by 957.1% during the same quarter.
• Analysts have set a range of new price targets for Tencent Music, with a consensus recommendation of "Buy" and an average target price of $24.47, following upgrades from firms like Macquarie and Citigroup.

APG Asset Management N.V. increased its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 10.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 131,071 shares of the company's stock after purchasing an additional 12,800 shares during the quarter. APG Asset Management N.V.'s holdings in Tencent Music Entertainment Group were worth $1,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group boosted its stake in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after purchasing an additional 4,307 shares during the period. Vise Technologies Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at $169,000. Ethic Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at $192,000. Oppenheimer Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 35.6% during the 1st 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. Finally, Vident Advisory LLC boosted its stake in Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after acquiring an additional 3,538 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded down $0.36 during trading hours on Friday, reaching $24.54. The stock had a trading volume of 7,157,765 shares, compared to its average volume of 7,278,725. 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 twelve month low of $9.41 and a twelve month high of $26.54. The firm has a 50-day simple moving average of $21.96 and a 200-day simple moving average of $17.16. The firm has a market capitalization of $42.11 billion, a PE ratio of 26.96 and a beta of 0.50.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. 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 note on Tuesday, August 12th. Benchmark increased 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 note on Wednesday, August 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price 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.