Alberta Investment Management Corp Raises Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Alberta Investment Management Corp increased its holdings in Tencent Music Entertainment by 51.8%, acquiring 206,383 additional shares worth approximately $8.7 million.
• Other institutional investors also significantly boosted their positions, with Mirae Asset Global Investments raising its stake by 3,382% during the same quarter, adding over $64 million in shares.
• Analysts have varying ratings for Tencent Music; while Morgan Stanley reissued an "overweight" rating, Wall Street Zen downgraded it from "buy" to "hold," reflecting mixed sentiment in the market.

Alberta Investment Management Corp increased its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 51.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 604,887 shares of the company's stock after acquiring an additional 206,383 shares during the period. Alberta Investment Management Corp's holdings in Tencent Music Entertainment Group were worth $8,716,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Unigestion Holding SA bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth $161,000. Vise Technologies Inc. bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $169,000. Ethic Inc. bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $192,000. Oppenheimer Asset Management Inc. grew its position in shares of Tencent Music Entertainment Group by 35.6% in 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 during the last quarter. Finally, Vident Advisory LLC grew its position in shares of Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after buying an additional 3,538 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Down 2.2%

TME stock traded down $0.46 during trading on Friday, reaching $20.53. 4,721,905 shares of the stock were exchanged, compared to its average volume of 6,080,379. The firm's 50 day moving average is $19.45 and its 200 day moving average is $15.43. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $22.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. The firm has a market cap of $35.23 billion, a P/E ratio of 24.44 and a beta of 0.50.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TME. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Macquarie set a $26.20 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Sunday. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $16.60.

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.