Aubrey Capital Management Ltd Invests $9.92 Million in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Aubrey Capital Management Ltd made a significant investment of approximately $9.92 million in Tencent Music Entertainment Group, acquiring 508,700 shares during the second quarter, representing 3.6% of its portfolio.
• Several institutional investors, including Nuveen LLC and JPMorgan Chase & Co., have also increased their stakes in Tencent Music, highlighting growing confidence in the company's performance.
• Wall Street analysts are optimistic, with multiple firms upgrading their ratings and raising price targets, indicating a consensus rating of "Buy" and a target price of $24.47 for Tencent Music shares.

Aubrey Capital Management Ltd bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 508,700 shares of the company's stock, valued at approximately $9,915,000. Tencent Music Entertainment Group makes up approximately 3.6% of Aubrey Capital Management Ltd's portfolio, making the stock its 9th biggest position.

Several other hedge funds have also modified their holdings of TME. Nuveen LLC purchased a new position in Tencent Music Entertainment Group in the 1st quarter valued at about $85,498,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Tencent Music Entertainment Group by 3,382.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock valued at $64,579,000 after buying an additional 4,352,834 shares in the last quarter. Krane Funds Advisors LLC lifted its stake in Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after buying an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Tencent Music Entertainment Group by 31.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock valued at $222,349,000 after buying an additional 3,656,695 shares in the last quarter. Finally, Marathon Asset Management Ltd purchased a new position in Tencent Music Entertainment Group in the 1st quarter valued at about $47,215,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of research reports. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. 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 research note on Wednesday, August 13th. Barclays reaffirmed an "overweight" rating and issued a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Benchmark raised their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Trading Down 1.4%

TME opened at $22.62 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The company's 50 day simple moving average is $24.37 and its two-hundred day simple moving average is $19.66. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.11 and a 1-year high of $26.70. The firm has a market capitalization of $38.82 billion, a price-to-earnings ratio of 24.86 and a beta of 0.51.

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.

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