First Hawaiian Bank Makes New Investment in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• First Hawaiian Bank has acquired a new stake in Tencent Music Entertainment Group, purchasing 89,689 shares valued at approximately $1.29 million.
• Multiple hedge funds have recently increased or initiated positions in Tencent Music, reflecting growing institutional interest, with overall institutional ownership now at 24.32%.
• Analysts have optimistic outlooks for Tencent Music, with several firms raising their price targets significantly, indicating a consensus rating of "Buy" and an average target price of $24.47.

First Hawaiian Bank acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 89,689 shares of the company's stock, valued at approximately $1,292,000.

Other hedge funds also recently modified their holdings of the company. SVB Wealth LLC acquired a new position in Tencent Music Entertainment Group in the 1st quarter valued at about $34,000. Banque Transatlantique SA bought a new stake in shares of Tencent Music Entertainment Group during the first quarter worth approximately $46,000. Brooklyn Investment Group grew its position in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after purchasing an additional 4,307 shares during the last quarter. Vise Technologies Inc. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $169,000. Finally, Ethic Inc. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $192,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TME shares. Barclays reaffirmed an "overweight" rating and issued a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Benchmark raised their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Zacks Research raised shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Trading Down 2.5%

Shares of Tencent Music Entertainment Group stock opened at $24.98 on Friday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $26.54. The company has a market capitalization of $42.87 billion, a price-to-earnings ratio of 27.45 and a beta of 0.54. The firm's 50-day moving average price is $23.14 and its two-hundred day moving average price is $18.00.

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.

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