Korea Investment CORP Raises Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Korea Investment CORP increased its stake in Tencent Music Entertainment Group by 21.6%, acquiring 117,000 shares during the first quarter, bringing its total holdings to 657,902 shares worth $9.48 million.
• Several hedge funds, including BNP Paribas and Ballentine Partners, have also recently adjusted their positions, indicating growing institutional investor interest in Tencent Music.
• Analysts have mixed ratings on Tencent Music, with recent upgrades setting a target price as high as $28.00, while an average rating remains at "Buy" with a target around $24.47.

Korea Investment CORP increased its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 21.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 657,902 shares of the company's stock after buying an additional 117,000 shares during the period. Korea Investment CORP's holdings in Tencent Music Entertainment Group were worth $9,480,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BNP Paribas grew its holdings in Tencent Music Entertainment Group by 2.0% in the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after purchasing an additional 1,131 shares during the period. Ballentine Partners LLC grew its holdings in Tencent Music Entertainment Group by 10.6% in the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after purchasing an additional 2,019 shares during the period. Asset Management One Co. Ltd. grew its holdings in Tencent Music Entertainment Group by 0.5% in the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock worth $7,272,000 after purchasing an additional 2,549 shares during the period. Vontobel Holding Ltd. grew its holdings in Tencent Music Entertainment Group by 10.2% in the first quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company's stock worth $525,000 after purchasing an additional 3,364 shares during the period. Finally, Vident Advisory LLC grew its holdings in Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after purchasing an additional 3,538 shares during the period. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Down 1.5%

Shares of NYSE:TME traded down $0.40 during trading on Wednesday, reaching $25.83. 5,218,172 shares of the stock traded hands, compared to its average volume of 7,307,290. The stock has a 50-day moving average of $21.72 and a two-hundred day moving average of $16.99. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $26.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The stock has a market cap of $44.33 billion, a P/E ratio of 28.39 and a beta of 0.50.

Analyst Ratings Changes

TME has been the topic of a number of recent research reports. Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Barclays restated an "overweight" rating and issued a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Benchmark upped 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 report on Wednesday, August 13th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average 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.