Caas Capital Management LP acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 70,472 shares of the company's stock, valued at approximately $1,016,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of TME. Ethic Inc. purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $192,000. Geode Capital Management LLC raised its position in Tencent Music Entertainment Group by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after buying an additional 160,078 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after buying an additional 1,094 shares during the last quarter. American Century Companies Inc. raised its position in Tencent Music Entertainment Group by 6.2% during the 4th quarter. American Century Companies Inc. now owns 749,447 shares of the company's stock worth $8,506,000 after buying an additional 43,859 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Tencent Music Entertainment Group by 3.1% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 901,402 shares of the company's stock worth $10,231,000 after buying an additional 27,500 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on TME shares. Mizuho raised their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 19th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and a consensus price target of $16.60.
Check Out Our Latest Stock Report on TME
Tencent Music Entertainment Group Stock Performance
Shares of NYSE:TME traded up $0.93 during trading on Monday, hitting $20.72. 7,407,741 shares of the stock traded hands, compared to its average volume of 8,081,860. The company has a market cap of $35.55 billion, a price-to-earnings ratio of 24.66 and a beta of 0.55. The company has a fifty day moving average price of $17.76 and a two-hundred day moving average price of $14.38. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $20.85.
Tencent Music Entertainment Group Profile
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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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