Bayforest Capital Ltd lifted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 162.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 64,459 shares of the company's stock after purchasing an additional 39,876 shares during the quarter. Bayforest Capital Ltd's holdings in Tencent Music Entertainment Group were worth $929,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. SVB Wealth LLC purchased a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $34,000. Banque Transatlantique SA purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at $46,000. Brooklyn Investment Group boosted its holdings in Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares during the period. Vise Technologies Inc. purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at $169,000. Finally, Ethic Inc. purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at $192,000. Hedge funds and other institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Stock Down 2.5%
Shares of NYSE TME traded down $0.64 during mid-day trading on Friday, reaching $24.98. 3,815,084 shares of the company were exchanged, compared to its average volume of 7,302,989. 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 market cap of $42.87 billion, a price-to-earnings ratio of 27.45 and a beta of 0.54. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $26.54. The firm has a 50-day moving average of $23.03 and a 200 day moving average of $17.88.
Wall Street Analysts Forecast Growth
TME has been the subject of a number of recent analyst reports. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Benchmark lifted their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Finally, Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $24.47.
View Our Latest Stock Analysis on TME
Tencent Music Entertainment Group Profile
(
Free Report)
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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