Envestnet Asset Management Inc. Grows Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Envestnet Asset Management Inc. lifted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 10.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 387,430 shares of the company's stock after buying an additional 37,108 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Tencent Music Entertainment Group were worth $5,583,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. IFM Investors Pty Ltd lifted its holdings in shares of Tencent Music Entertainment Group by 37.9% during the first quarter. IFM Investors Pty Ltd now owns 44,041 shares of the company's stock worth $635,000 after buying an additional 12,099 shares in the last quarter. Krane Funds Advisors LLC lifted its holdings in shares of Tencent Music Entertainment Group by 20.8% during the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after buying an additional 4,128,678 shares in the last quarter. Vontobel Holding Ltd. raised its stake in Tencent Music Entertainment Group by 10.2% in the first quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company's stock valued at $525,000 after purchasing an additional 3,364 shares in the last quarter. Marathon Asset Management Ltd bought a new stake in Tencent Music Entertainment Group during the first quarter worth about $47,215,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Tencent Music Entertainment Group by 3,382.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after buying an additional 4,352,834 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Up 0.3%

TME stock traded up $0.07 during trading on Friday, hitting $21.30. The company had a trading volume of 5,045,100 shares, compared to its average volume of 7,581,158. The business has a 50-day moving average of $18.94 and a 200-day moving average of $14.96. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $22.50. The stock has a market cap of $36.55 billion, a PE ratio of 25.36 and a beta of 0.55. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Finally, Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and a consensus 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.