Bayforest Capital Ltd Buys 39,876 Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Bayforest Capital Ltd increased its position in 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 disclosure with the Securities and Exchange Commission (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 quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Unigestion Holding SA bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $161,000. Diametric Capital LP bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $162,000. Vise Technologies Inc. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $169,000. Ethic Inc. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $192,000. Finally, Oppenheimer Asset Management Inc. lifted 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 valued at $196,000 after acquiring an additional 3,570 shares during the period. 24.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on TME shares. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Wall Street Zen lowered Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Stock Down 2.2%

NYSE TME traded down $0.46 during trading on Friday, hitting $20.53. The stock had a trading volume of 4,721,905 shares, compared to its average volume of 7,503,760. The company has a market capitalization of $35.23 billion, a PE ratio of 24.44 and a beta of 0.55. The company's 50-day moving average price is $19.39 and its two-hundred day moving average price is $15.33. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $22.50.

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.