Robeco Institutional Asset Management B.V. Increases Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Robeco Institutional Asset Management B.V. increased its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 1,847.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,935,048 shares of the company's stock after acquiring an additional 1,835,687 shares during the quarter. Robeco Institutional Asset Management B.V. owned approximately 0.11% of Tencent Music Entertainment Group worth $37,714,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TME. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $34,000. Banque Transatlantique SA purchased a new stake in Tencent Music Entertainment Group during the 1st quarter worth approximately $46,000. Brooklyn Investment Group raised its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Tencent Music Entertainment Group by 35.6% in the first 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 in the last quarter. Finally, Eschler Asset Management LLP acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth approximately $206,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on TME. Weiss Ratings reissued a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research note on Saturday, September 27th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Citigroup reissued 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. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Finally, Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Trading Down 0.3%

Shares of TME opened at $22.87 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.11 and a 12-month high of $26.70. The firm has a market capitalization of $39.25 billion, a P/E ratio of 25.13 and a beta of 0.51. The firm has a 50-day moving average price of $24.09 and a 200 day moving average price of $19.13. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

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.

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.