Morningstar Investment Management LLC Increases Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Morningstar Investment Management LLC has increased its stake in Tencent Music Entertainment Group by 16.7%, owning 92,622 shares worth approximately $1.8 million.
• Several institutional investors have also adjusted their positions in Tencent Music, with notable increases from Brooklyn Investment Group and Oppenheimer Asset Management.
• Tencent Music Entertainment Group's stock has garnered a consensus rating of "Buy" with a target price averaging $24.47, significantly influenced by multiple analysts rating the stock as outperform.

Morningstar Investment Management LLC grew its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 16.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 92,622 shares of the company's stock after buying an additional 13,238 shares during the period. Morningstar Investment Management LLC's holdings in Tencent Music Entertainment Group were worth $1,805,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in TME. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at $34,000. Banque Transatlantique SA purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at $46,000. Brooklyn Investment Group grew its stake in shares of Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after buying an additional 4,307 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of Tencent Music Entertainment Group by 35.6% during 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 period. Finally, Eschler Asset Management LLP purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at $206,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $23.20 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a 50-day moving average of $24.31 and a two-hundred day moving average of $19.56. The stock has a market cap of $39.80 billion, a P/E ratio of 25.49 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.11 and a 1-year high of $26.70.

Analyst Upgrades and Downgrades

TME has been the subject of a number of research reports. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Barclays reaffirmed an "overweight" rating and issued a $27.00 target price (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group 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.

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