Strs Ohio Buys Shares of 85,200 Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Strs Ohio has made a new investment of approximately $1.23 million in Tencent Music Entertainment Group, acquiring 85,200 shares during the first quarter.
• Several large investors, including Acadian Asset Management and UBS AM, significantly increased their stakes in Tencent Music, suggesting growing institutional interest in the company.
• Analysts are optimistic about Tencent Music, with multiple upgrades to "buy" ratings and target prices ranging from $27.00 to $29.00, reflecting confidence in the company's growth potential.

Strs Ohio bought a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 85,200 shares of the company's stock, valued at approximately $1,228,000.

A number of other institutional investors have also recently modified their holdings of the business. Ballentine Partners LLC grew its position in shares of Tencent Music Entertainment Group by 10.6% during the 1st quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock valued at $303,000 after acquiring an additional 2,019 shares during the period. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth about $34,000. Asset Management One Co. Ltd. raised its position in shares of Tencent Music Entertainment Group by 0.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock worth $7,272,000 after purchasing an additional 2,549 shares during the last quarter. Compound Planning Inc. raised its position in shares of Tencent Music Entertainment Group by 12.3% during the 1st quarter. Compound Planning Inc. now owns 28,500 shares of the company's stock worth $411,000 after purchasing an additional 3,127 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its position in shares of Tencent Music Entertainment Group by 10.2% during the 1st quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company's stock worth $525,000 after purchasing an additional 3,364 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Trading Down 0.7%

Shares of Tencent Music Entertainment Group stock traded down $0.18 during mid-day trading on Friday, hitting $25.11. The stock had a trading volume of 4,950,252 shares, compared to its average volume of 5,714,417. The firm has a 50-day moving average of $23.68 and a two-hundred day moving average of $18.41. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.79 and a 12-month high of $26.70. 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 firm has a market cap of $43.09 billion, a P/E ratio of 27.59 and a beta of 0.54.

Wall Street Analysts Forecast Growth

TME has been the subject of several research analyst reports. Citigroup restated a "buy" rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Barclays restated an "overweight" rating and set a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Benchmark upped their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a 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 analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of "Buy" and an average price target of $24.47.

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.