Itau Unibanco Holding S.A. Purchases New Shares in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Itau Unibanco Holding S.A. made a significant investment of approximately $865,000 in Tencent Music Entertainment Group, acquiring 60,000 shares during the 1st quarter.
• Analysts have shown positive sentiment towards Tencent Music, with upgrades from multiple firms leading to an average rating of "Buy" and a consensus target price of $24.47.
• Tencent Music's stock has recently experienced a 1.5% drop, currently trading at about $25.83, reflecting a market cap of $44.33 billion.

Itau Unibanco Holding S.A. bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 60,000 shares of the company's stock, valued at approximately $865,000.

Several other large investors have also modified their holdings of TME. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group in the first quarter worth approximately $34,000. Brooklyn Investment Group raised its position in shares of Tencent Music Entertainment Group by 957.1% in 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. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $169,000. Ethic Inc. bought a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $192,000. Finally, Oppenheimer Asset Management Inc. grew its stake in Tencent Music Entertainment Group by 35.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after purchasing an additional 3,570 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Benchmark lifted 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 report on Wednesday, August 13th. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Barclays reiterated an "overweight" rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Zacks Research upgraded Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Buy" and a consensus price target of $24.47.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME traded down $0.36 during trading on Friday, hitting $24.54. The stock 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. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $26.54. The stock has a market capitalization of $42.11 billion, a price-to-earnings ratio of 26.96 and a beta of 0.50. The stock has a 50-day simple moving average of $21.96 and a two-hundred day simple moving average of $17.19.

Tencent Music Entertainment Group 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.