Eschler Asset Management LLP Invests $206,000 in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Eschler Asset Management LLP invested approximately $206,000 in Tencent Music Entertainment Group, acquiring 14,300 shares during the first quarter.
• Several other institutional investors, including AQR Capital Management LLC and Royal Bank of Canada, also increased their holdings in Tencent Music, with significant percentage boosts in their positions.
• Equities research analysts have set new price targets for Tencent Music, with reports showing a consensus rating of "Buy" and an average target price of $24.47.

Eschler Asset Management LLP bought a new position in 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 Securities & Exchange Commission. The fund bought 14,300 shares of the company's stock, valued at approximately $206,000.

Other hedge funds also recently bought and sold shares of the company. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at $34,000. Banque Transatlantique SA bought a new position in Tencent Music Entertainment Group during the 1st quarter worth about $46,000. Brooklyn Investment Group grew 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 worth $69,000 after acquiring an additional 4,307 shares in the last quarter. Vise Technologies Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth about $169,000. Finally, Ethic Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth about $192,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

TME traded up $0.06 during trading on Monday, reaching $24.55. 3,499,931 shares of the company's stock were exchanged, compared to its average volume of 7,384,564. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $26.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The stock has a market capitalization of $42.13 billion, a P/E ratio of 26.98 and a beta of 0.54. The company's fifty day simple moving average is $22.56 and its 200-day simple moving average is $17.62.

Analysts Set New Price Targets

TME has been the topic of several recent research reports. Benchmark increased their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Barclays restated an "overweight" rating and issued a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Company 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.