Banque Cantonale Vaudoise Purchases New Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Banque Cantonale Vaudoise invested approximately $1.08 million in Tencent Music Entertainment Group by acquiring 75,000 shares in the first quarter, as noted in a recent SEC filing.
• Institutional investors and hedge funds currently own 24.32% of Tencent Music's stock, with several firms, including Ethic Inc. and Balyasny Asset Management, adjusting their stakes recently.
• Tencent Music Entertainment Group's stock has seen fluctuations with a 12-month high of $22.50 and a low of $9.41, while analysts have rated the stock with an overall consensus of "Moderate Buy."

Banque Cantonale Vaudoise purchased a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 75,000 shares of the company's stock, valued at approximately $1,081,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TME. BNP Paribas increased its holdings in shares of Tencent Music Entertainment Group by 2.0% in the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after purchasing an additional 1,131 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Tencent Music Entertainment Group by 5.7% in the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock worth $415,000 after purchasing an additional 1,981 shares during the last quarter. Ballentine Partners LLC increased its holdings in shares of Tencent Music Entertainment Group by 10.6% in the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after purchasing an additional 2,019 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Tencent Music Entertainment Group by 0.5% in the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock worth $7,272,000 after purchasing an additional 2,549 shares during the last quarter. Finally, Gabelli Funds LLC increased its holdings in shares of Tencent Music Entertainment Group by 2.1% in the fourth quarter. Gabelli Funds LLC now owns 145,000 shares of the company's stock worth $1,646,000 after purchasing an additional 3,000 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Trading Down 2.2%

Shares of NYSE:TME traded down $0.46 during trading hours on Friday, hitting $20.53. 4,721,905 shares of the company's stock traded hands, compared to its average volume of 5,844,276. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $22.50. The business has a fifty day moving average price of $19.39 and a 200-day moving average price of $15.33. The firm has a market capitalization of $35.23 billion, a P/E ratio of 24.44 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83.

Analyst Ratings Changes

Several research firms recently commented on TME. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Wall Street Zen cut Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.

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.