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

Several other institutional investors have also bought and sold shares of the stock. SVB Wealth LLC purchased a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $46,000. Brooklyn Investment Group increased its position in shares of Tencent Music Entertainment Group by 957.1% during the 1st 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 Tencent Music Entertainment Group during the 4th quarter worth approximately $169,000. Finally, Ethic Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $192,000. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 2.6%

Shares of NYSE TME traded down $0.69 during trading hours on Thursday, reaching $25.67. The stock had a trading volume of 1,811,191 shares, compared to its average volume of 7,232,926. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The firm has a market cap of $44.06 billion, a price-to-earnings ratio of 28.37 and a beta of 0.54. The business's fifty day moving average price is $23.47 and its two-hundred day moving average price is $18.24. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.66 and a 52-week high of $26.70.

Analysts Set New Price Targets

Several research firms have weighed in on TME. Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Citigroup reaffirmed a "buy" rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Barclays reissued an "overweight" rating and issued a $27.00 target price (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target 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.