Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 18.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 283,929 shares of the company's stock after acquiring an additional 44,900 shares during the quarter. Public Sector Pension Investment Board's holdings in Tencent Music Entertainment Group were worth $4,091,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Ethic Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $192,000. Envestnet Asset Management Inc. grew its holdings in shares of 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 worth $5,583,000 after purchasing an additional 37,108 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of Tencent Music Entertainment Group by 2,271.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,924,231 shares of the company's stock worth $21,840,000 after purchasing an additional 1,843,075 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Tencent Music Entertainment Group by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,253,409 shares of the company's stock worth $36,925,000 after purchasing an additional 352,082 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth $731,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME traded down $0.1750 during midday trading on Thursday, reaching $24.9250. 3,058,248 shares of the stock were exchanged, compared to its average volume of 7,421,944. The business's 50-day moving average price is $21.02 and its 200 day moving average price is $16.52. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $26.54. The company has a market capitalization of $42.77 billion, a price-to-earnings ratio of 27.40 and a beta of 0.50.

Analyst Upgrades and Downgrades

TME has been the subject of a number of research analyst reports. Benchmark increased their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Wall Street Zen lowered Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Citigroup restated a "buy" rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Finally, Barclays restated an "overweight" rating and issued a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $24.47.

About Tencent Music Entertainment Group

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.