Resona Asset Management Co. Ltd. Purchases 17,405 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Tencent Music Entertainment Group by 9.7% in the first quarter, acquiring an additional 17,405 shares, bringing its total to 197,630 shares valued at approximately $2.85 million.
• Several other institutional investors have also modified their holdings, with Balyasny Asset Management L.P. dramatically increasing its position by 2,271.0% during the fourth quarter, now owning over 1.9 million shares.
• Wall Street analysts have given mixed ratings for Tencent Music, with a consensus target price of $24.47, reflecting a range of buy, hold, and outperform recommendations.

Resona Asset Management Co. Ltd. boosted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 9.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 197,630 shares of the company's stock after acquiring an additional 17,405 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Tencent Music Entertainment Group were worth $2,847,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TME. LPL Financial LLC increased its stake in Tencent Music Entertainment Group by 40.2% during the 4th quarter. LPL Financial LLC now owns 69,539 shares of the company's stock worth $789,000 after acquiring an additional 19,928 shares during the period. Wells Fargo & Company MN increased its stake in Tencent Music Entertainment Group by 86.9% during the 4th quarter. Wells Fargo & Company MN now owns 136,423 shares of the company's stock worth $1,548,000 after acquiring an additional 63,413 shares during the period. Cerity Partners LLC increased its stake in Tencent Music Entertainment Group by 45.2% during the 4th quarter. Cerity Partners LLC now owns 50,074 shares of the company's stock worth $573,000 after acquiring an additional 15,589 shares during the period. Raymond James Financial Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth $731,000. Finally, Barclays PLC increased its stake in Tencent Music Entertainment Group by 14.2% during the 4th quarter. Barclays PLC now owns 870,982 shares of the company's stock worth $9,887,000 after acquiring an additional 108,332 shares during the period. Institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Wednesday, August 13th. Benchmark lifted their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. 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, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $24.47.

Tencent Music Entertainment Group Price Performance

Shares of TME traded up $0.3780 during midday trading on Friday, hitting $25.3680. The company's stock had a trading volume of 1,188,464 shares, compared to its average volume of 7,391,985. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $26.54. The company's fifty day simple moving average is $21.14 and its two-hundred day simple moving average is $16.61. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $43.53 billion, a price-to-earnings ratio of 27.90 and a beta of 0.50.

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.