OVERSEA CHINESE BANKING Corp Ltd Has $1.80 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Tencent Music Entertainment Group by 80.5% in Q1, acquiring an additional 55,782 shares, bringing their total holdings to 125,106 shares worth approximately $1.8 million.
• Analysts are optimistic about Tencent Music, with Nomura Securities upgrading it to a "strong-buy" and several others maintaining an "outperform" rating, contributing to an average target price of $16.60.
• Tencent Music's stock is currently down 2.2%, opening at $20.53, with a market cap of $35.23 billion and a significant 52-week price range between $9.41 and $22.50.

OVERSEA CHINESE BANKING Corp Ltd boosted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 80.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 125,106 shares of the company's stock after buying an additional 55,782 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Tencent Music Entertainment Group were worth $1,802,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Unigestion Holding SA purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $161,000. Vise Technologies Inc. acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth about $169,000. Ethic Inc. bought a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $192,000. Oppenheimer Asset Management Inc. boosted its stake in 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 purchasing an additional 3,570 shares in the last quarter. Finally, Vident Advisory LLC lifted its holdings in shares of Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after purchasing an additional 3,538 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded up $0.03 during mid-day trading on Wednesday, hitting $21.58. 996,572 shares of the company's stock traded hands, compared to its average volume of 7,411,578. The firm has a 50 day moving average of $19.60 and a two-hundred day moving average of $15.58. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $22.50. The firm has a market capitalization of $37.04 billion, a price-to-earnings ratio of 25.65 and a beta of 0.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TME shares. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Finally, Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Sunday. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.