Taikang Asset Management Hong Kong Co Ltd Purchases New Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Taikang Asset Management Hong Kong Co Ltd acquired a new position in Tencent Music Entertainment Group by purchasing 14,366 shares valued at approximately $207,000.
• Various institutional investors have increased or initiated stakes in Tencent Music, indicating growing interest in the company, with hedge funds owning 24.32% of the stock.
• Recent research reports have set optimistic targets for Tencent Music's share price, with a notable target of $29.80 and an average target price of $24.47.

Taikang Asset Management Hong Kong Co Ltd purchased 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 SEC. The institutional investor purchased 14,366 shares of the company's stock, valued at approximately $207,000.

A number of other institutional investors also recently modified their holdings of TME. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at approximately $34,000. Brooklyn Investment Group lifted its stake in shares of Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after buying an additional 4,307 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $169,000. Ethic Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $192,000. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of Tencent Music Entertainment Group by 35.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock valued at $196,000 after buying an additional 3,570 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $25.3660 on Monday. The firm's fifty day moving average price is $21.28 and its 200-day moving average price is $16.77. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The stock has a market cap of $43.53 billion, a P/E ratio of 27.87 and a beta of 0.50. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $26.54.

Analysts Set New Price Targets

TME has been the topic of a number of recent research reports. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Citigroup reiterated a "buy" rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Benchmark increased their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. One research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group 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.

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