Matthews International Capital Management LLC Boosts Holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Matthews International Capital Management LLC boosted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 5.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 799,880 shares of the company's stock after buying an additional 42,923 shares during the quarter. Tencent Music Entertainment Group makes up about 2.4% of Matthews International Capital Management LLC's holdings, making the stock its 15th largest position. Matthews International Capital Management LLC's holdings in Tencent Music Entertainment Group were worth $11,526,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. PNC Financial Services Group Inc. increased its holdings in Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after purchasing an additional 1,094 shares during the period. BNP Paribas lifted its position in Tencent Music Entertainment Group by 2.0% in the 4th quarter. BNP Paribas now owns 58,066 shares of the company's stock valued at $659,000 after acquiring an additional 1,131 shares in the last quarter. Corient Private Wealth LLC raised its stake in Tencent Music Entertainment Group by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock valued at $383,000 after buying an additional 1,370 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Tencent Music Entertainment Group by 5.7% during the 4th quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock valued at $415,000 after buying an additional 1,981 shares during the last quarter. Finally, Gabelli Funds LLC raised its stake in Tencent Music Entertainment Group by 2.1% during the 4th quarter. Gabelli Funds LLC now owns 145,000 shares of the company's stock valued at $1,646,000 after buying an additional 3,000 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME traded down $0.18 during mid-day trading on Friday, hitting $18.43. The stock had a trading volume of 19,075,317 shares, compared to its average volume of 8,195,895. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $19.40. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. The firm has a market cap of $31.62 billion, a PE ratio of 21.94 and a beta of 0.51. The company has a 50 day moving average of $15.71 and a two-hundred day moving average of $13.54.

Analysts Set New Price Targets

TME has been the subject of a number of analyst reports. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday. Mizuho increased their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.60.

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.