Bayforest Capital Ltd Buys 39,876 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Bayforest Capital Ltd has increased its stake in Tencent Music Entertainment Group by 162.2%, purchasing an additional 39,876 shares during the first quarter.
• Tencent Music's stock is performing well, with analysts setting price targets as high as $29.80, indicating a strong outlook for the company.
• Institutional investors currently own 24.32% of Tencent Music's stock, reflecting significant investor interest in the company.

Bayforest Capital Ltd grew its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 162.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,459 shares of the company's stock after purchasing an additional 39,876 shares during the period. Bayforest Capital Ltd's holdings in Tencent Music Entertainment Group were worth $929,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. SVB Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $34,000. Banque Transatlantique SA acquired a new position in shares of Tencent Music Entertainment Group in the first quarter worth about $46,000. Brooklyn Investment Group boosted its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after purchasing an additional 4,307 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after purchasing an additional 3,570 shares during the period. Finally, Eschler Asset Management LLP acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth approximately $206,000. Institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on TME shares. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Citigroup reiterated a "buy" rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Wednesday, August 13th. Benchmark lifted their target price 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. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group has an average rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME traded down $0.64 during trading on Friday, reaching $24.98. The stock had a trading volume of 3,815,084 shares, compared to its average volume of 5,629,592. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.41 and a 52 week high of $26.54. The firm has a market capitalization of $42.87 billion, a price-to-earnings ratio of 27.45 and a beta of 0.54. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a fifty day simple moving average of $23.14 and a two-hundred day simple moving average of $18.00.

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.