National Bank of Canada FI Invests $308,000 in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• National Bank of Canada FI has invested approximately $308,000 in 21,382 shares of Tencent Music Entertainment Group during the first quarter.
• Several institutional investors have recently acquired or increased their stakes in Tencent Music, including Balyasny Asset Management, which boosted its stake by 2,271.0%.
• Analysts have mixed ratings for Tencent Music, with one "hold" rating, nine "buy" ratings, and a consensus target price of $24.47.

National Bank of Canada FI acquired a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 21,382 shares of the company's stock, valued at approximately $308,000.

Several other institutional investors have also recently modified their holdings of TME. Vise Technologies Inc. bought a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $169,000. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at about $192,000. Oppenheimer Asset Management Inc. boosted its holdings in 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 acquiring an additional 3,570 shares during the period. Vident Advisory LLC boosted its holdings in Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after acquiring an additional 3,538 shares during the period. Finally, Toronto Dominion Bank purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at about $286,000. 24.32% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on TME. Benchmark increased their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. Citigroup restated a "buy" rating and set a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $24.47.

Tencent Music Entertainment Group Trading Down 0.6%

NYSE TME traded down $0.1430 on Thursday, hitting $24.9570. The company's stock had a trading volume of 4,506,468 shares, compared to its average volume of 6,241,445. 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 current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The company's 50-day simple moving average is $21.14 and its 200 day simple moving average is $16.61. The firm has a market cap of $42.83 billion, a P/E ratio of 27.43 and a beta of 0.50.

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.