Causeway Capital Management LLC Makes New Investment in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Causeway Capital Management LLC has acquired 615,153 shares of Tencent Music Entertainment Group, valued at approximately $8.86 million, during the first quarter of the year.
• Several hedge funds have also increased their holdings in Tencent Music, with institutions now owning about 24.32% of the company's stock.
• Research analysts have set new price targets for Tencent Music, with estimates including a target of $29.80 from Macquarie, indicating strong growth potential.

Causeway Capital Management LLC bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 615,153 shares of the company's stock, valued at approximately $8,864,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Tencent Music Entertainment Group by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock worth $432,206,000 after purchasing an additional 404,674 shares during the period. Krane Funds Advisors LLC boosted its stake in Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after purchasing an additional 4,128,678 shares during the period. JPMorgan Chase & Co. boosted its stake in Tencent Music Entertainment Group by 31.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock worth $222,349,000 after purchasing an additional 3,656,695 shares during the period. Nuveen LLC acquired a new position in Tencent Music Entertainment Group in the 1st quarter worth approximately $85,498,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Tencent Music Entertainment Group by 3,382.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after purchasing an additional 4,352,834 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TME has been the subject of a number of recent analyst reports. Benchmark raised their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Barclays reiterated an "overweight" rating and issued a $27.00 target price (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $24.47.

Tencent Music Entertainment Group Stock Performance

NYSE TME traded down $0.36 during midday trading on Friday, hitting $24.54. The company had a trading volume of 7,157,765 shares, compared to its average volume of 7,278,725. 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 firm has a fifty day simple moving average of $21.96 and a two-hundred day simple moving average of $17.16. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $26.54. The stock has a market cap of $42.11 billion, a price-to-earnings ratio of 26.96 and a beta of 0.50.

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.