OVERSEA CHINESE BANKING Corp Ltd Acquires 111,895 Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 161.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 181,219 shares of the company's stock after buying an additional 111,895 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Tencent Music Entertainment Group were worth $2,611,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TME. Ballentine Partners LLC lifted its stake in Tencent Music Entertainment Group by 10.6% during the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after purchasing an additional 2,019 shares during the last quarter. Caas Capital Management LP purchased a new position in shares of Tencent Music Entertainment Group in the first quarter worth about $1,016,000. Genus Capital Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 203.8% in the first quarter. Genus Capital Management Inc. now owns 27,077 shares of the company's stock worth $390,000 after buying an additional 53,154 shares during the period. Cerity Partners LLC increased its holdings in Tencent Music Entertainment Group by 14.1% during the 1st quarter. Cerity Partners LLC now owns 57,140 shares of the company's stock valued at $823,000 after purchasing an additional 7,066 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in Tencent Music Entertainment Group by 10.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock valued at $5,583,000 after purchasing an additional 37,108 shares during the period. Institutional investors own 24.32% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on TME. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Macquarie set a $26.20 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, June 17th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $16.60.

Tencent Music Entertainment Group Price Performance

TME stock traded down $0.88 during trading on Friday, reaching $21.49. The company's stock had a trading volume of 6,699,240 shares, compared to its average volume of 8,070,086. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $9.41 and a 1 year high of $22.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $36.87 billion, a P/E ratio of 25.59 and a beta of 0.55. The company's fifty day moving average is $18.33 and its 200-day moving average is $14.61.

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.