Mirae Asset Global Investments Co. Ltd. Purchases 4,352,834 Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 3,382.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,481,537 shares of the company's stock after purchasing an additional 4,352,834 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.26% of Tencent Music Entertainment Group worth $64,579,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ethic Inc. acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $192,000. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. Geode Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 3.7% during the 4th 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 during the last quarter. PNC Financial Services Group Inc. grew its holdings in Tencent Music Entertainment Group by 10.9% during the 4th 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 during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 6.2% during the fourth quarter. American Century Companies Inc. now owns 749,447 shares of the company's stock worth $8,506,000 after purchasing an additional 43,859 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Trading Up 2.1%

TME stock traded up $0.40 during mid-day trading on Friday, reaching $19.10. The company's stock had a trading volume of 6,801,399 shares, compared to its average volume of 8,178,871. 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 current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. The business's 50 day moving average price is $16.46 and its 200 day moving average price is $13.81. The company has a market cap of $32.77 billion, a price-to-earnings ratio of 22.73 and a beta of 0.51.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on TME shares. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. 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. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.

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.