114,685 Shares in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Bought by Keystone Investors PTE Ltd.

Key Points

• Keystone Investors PTE Ltd. acquired 114,685 shares of Tencent Music Entertainment Group Sponsored ADR, valued at approximately $1,653,000, constituting about 0.2% of its total holdings.
• Several institutional investors have increased their stakes in Tencent Music, with Oppenheimer Asset Management raising its position by 35.6% in the first quarter.
• Analysts remain positive on Tencent Music, with several firms, including Morgan Stanley and Macquarie, issuing buy ratings and setting price targets above the current trading levels.

Keystone Investors PTE Ltd. purchased a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 114,685 shares of the company's stock, valued at approximately $1,653,000. Tencent Music Entertainment Group makes up about 0.2% of Keystone Investors PTE Ltd.'s investment portfolio, making the stock its 25th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vise Technologies Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $169,000. Ethic Inc. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $192,000. Oppenheimer Asset Management Inc. increased its stake in Tencent Music Entertainment Group by 35.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after buying an additional 3,570 shares during the last quarter. Vident Advisory LLC increased its stake in Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after buying an additional 3,538 shares during the last quarter. Finally, Toronto Dominion Bank acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $286,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of TME stock traded up $0.15 during trading on Friday, hitting $22.12. The company had a trading volume of 4,308,475 shares, compared to its average volume of 5,654,957. The stock's 50-day moving average is $19.87 and its two-hundred day moving average is $15.81. The stock has a market capitalization of $37.96 billion, a price-to-earnings ratio of 26.33 and a beta of 0.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.41 and a 52 week high of $22.50.

Analysts Set New Price Targets

TME has been the subject of several recent research reports. Macquarie set a $26.20 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Sunday, August 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $16.60.

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.