Polen Capital Management LLC Grows Stock Holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Polen Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 86.7% in the first quarter, owning approximately 1.98 million shares valued at $28.5 million.
• Other institutional investors, including LPL Financial LLC and Wells Fargo & Company, also boosted their stakes in Tencent Music Entertainment Group in the fourth quarter, indicating growing interest in the company.
• Wall Street analysts have a generally positive outlook for Tencent Music, with a majority rating it as a "buy" or "outperform", and an average price target of $16.60.

Polen Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 86.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,978,769 shares of the company's stock after buying an additional 919,182 shares during the quarter. Polen Capital Management LLC owned 0.12% of Tencent Music Entertainment Group worth $28,514,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TME. LPL Financial LLC grew its stake in Tencent Music Entertainment Group by 40.2% during the fourth quarter. LPL Financial LLC now owns 69,539 shares of the company's stock worth $789,000 after buying an additional 19,928 shares during the period. Geode Capital Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock valued at $50,323,000 after purchasing an additional 160,078 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Tencent Music Entertainment Group by 86.9% in the fourth quarter. Wells Fargo & Company MN now owns 136,423 shares of the company's stock valued at $1,548,000 after purchasing an additional 63,413 shares during the period. FMR LLC boosted its stake in shares of Tencent Music Entertainment Group by 64.7% in the fourth quarter. FMR LLC now owns 9,831,895 shares of the company's stock valued at $111,592,000 after purchasing an additional 3,861,122 shares during the period. Finally, Cerity Partners LLC boosted its stake in shares of Tencent Music Entertainment Group by 45.2% in the fourth quarter. Cerity Partners LLC now owns 50,074 shares of the company's stock valued at $573,000 after purchasing an additional 15,589 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TME. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Sunday, August 3rd. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Trading Up 0.7%

TME opened at $22.12 on Friday. The stock has a market capitalization of $37.96 billion, a PE ratio of 26.33 and a beta of 0.50. The firm's fifty day moving average price is $19.87 and its 200 day moving average price is $15.81. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $22.50.

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.

Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.