Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management increased its holdings in Tencent Music Entertainment Group by 15.2%, acquiring an additional 666,674 shares in the 1st quarter, bringing its total to approximately 5.06 million shares.
• Several institutional investors, including Ballentine Partners and SVB Wealth, have also increased their stakes in Tencent Music, indicating growing confidence in the company's prospects.
• Despite a 2.5% decline in stock price, Wall Street analysts maintain a generally positive outlook, with a consensus rating of "Buy" and several target price upgrades exceeding $28.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 15.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,062,619 shares of the company's stock after purchasing an additional 666,674 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.30% of Tencent Music Entertainment Group worth $72,952,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Jones Financial Companies Lllp bought a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $985,000. Edmond DE Rothschild Holding S.A. raised its position in Tencent Music Entertainment Group by 4.2% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 249,750 shares of the company's stock valued at $3,599,000 after buying an additional 10,000 shares during the last quarter. Eschler Asset Management LLP purchased a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $206,000. Banque Transatlantique SA purchased a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $46,000. Finally, AQR Capital Management LLC raised its position in Tencent Music Entertainment Group by 107.5% in the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company's stock valued at $1,231,000 after buying an additional 44,265 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Trading Down 4.0%

Shares of TME stock traded down $1.05 on Thursday, reaching $25.31. 10,301,192 shares of the company's stock were exchanged, compared to its average volume of 5,424,741. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $9.66 and a 52 week high of $26.70. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $43.43 billion, a PE ratio of 27.81 and a beta of 0.54. The company's fifty day simple moving average is $23.58 and its 200 day simple moving average is $18.33.

Analyst Ratings Changes

TME has been the subject of several research reports. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Benchmark raised their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Citigroup reaffirmed a "buy" rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Finally, Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target 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.