3,276,573 Shares in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Bought by Marathon Asset Management Ltd

Marathon Asset Management Ltd acquired a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,276,573 shares of the company's stock, valued at approximately $47,215,000. Tencent Music Entertainment Group accounts for about 1.4% of Marathon Asset Management Ltd's investment portfolio, making the stock its 21st largest position. Marathon Asset Management Ltd owned approximately 0.19% of Tencent Music Entertainment Group as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TME. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth $192,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $114,000. Geode Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after acquiring an additional 160,078 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after acquiring an additional 1,094 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in Tencent Music Entertainment Group by 6.2% in the fourth quarter. American Century Companies Inc. now owns 749,447 shares of the company's stock valued at $8,506,000 after purchasing an additional 43,859 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME traded up $0.40 during trading on Friday, reaching $19.10. 6,801,399 shares of the company's stock traded hands, compared to its average volume of 8,178,871. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $19.40. The company has a 50 day moving average of $16.46 and a 200-day moving average of $13.81. The stock has a market capitalization of $32.77 billion, a P/E ratio of 28.51 and a beta of 0.51.

Wall Street Analysts Forecast Growth

TME has been the topic of several analyst reports. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Mizuho lifted their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.