Caas Capital Management LP Takes $1.02 Million Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Caas Capital Management LP bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 70,472 shares of the company's stock, valued at approximately $1,016,000.

Several other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its holdings in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after acquiring an additional 1,094 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in Tencent Music Entertainment Group by 35.6% in 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. Unigestion Holding SA acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at $161,000. Diametric Capital LP acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at $162,000. Finally, Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at $169,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TME shares. Mizuho lifted their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $20.02 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. The firm has a market cap of $34.35 billion, a P/E ratio of 23.83 and a beta of 0.55. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $20.85. The stock's 50 day simple moving average is $17.65 and its 200 day simple moving average is $14.29.

Tencent Music Entertainment Group Profile

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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