Marathon Asset Management Ltd Acquires New Holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Marathon Asset Management Ltd purchased a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,276,573 shares of the company's stock, valued at approximately $47,215,000. Tencent Music Entertainment Group makes up 1.4% of Marathon Asset Management Ltd's 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.

Several other large investors also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group during the fourth quarter valued at $110,000. Oppenheimer Asset Management Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $114,000. PNC Financial Services Group Inc. raised its position in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after purchasing an additional 1,094 shares during the period. Unigestion Holding SA bought a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $161,000. Finally, Diametric Capital LP bought a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $162,000. 24.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Mizuho upped their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, March 19th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, June 17th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.

Tencent Music Entertainment Group Stock Down 1.0%

Shares of TME stock traded down $0.20 during mid-day trading on Tuesday, hitting $19.29. The stock had a trading volume of 4,577,431 shares, compared to its average volume of 8,160,035. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $19.58. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. The firm's 50-day moving average is $16.61 and its two-hundred day moving average is $13.87. The firm has a market capitalization of $33.10 billion, a P/E ratio of 22.96 and a beta of 0.51.

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.