Townsquare Capital LLC Purchases Shares of 56,328 Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Townsquare Capital LLC acquired 56,328 shares of Tencent Music Entertainment Group, valued at approximately $812,000, in the 1st quarter of 2023.
• Several institutional investors, including BNP Paribas, Ballentine Partners LLC, and Asset Management One, have increased their stakes in Tencent Music, highlighting ongoing confidence in the company's prospects.
• Analysts are optimistic about Tencent Music, with Macquarie setting a price objective of $29.80 and multiple firms reiterating buy and outperform ratings on the stock.

Townsquare Capital LLC purchased a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 56,328 shares of the company's stock, valued at approximately $812,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its position in shares of 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 acquiring an additional 3,570 shares during the last quarter. Vise Technologies Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $169,000. Ethic Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $192,000. Vident Advisory LLC boosted its position in shares of Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after acquiring an additional 3,538 shares during the last quarter. Finally, Ballentine Partners LLC boosted its position in shares of Tencent Music Entertainment Group by 10.6% during the 1st quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock valued at $303,000 after acquiring an additional 2,019 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Down 0.9%

Shares of TME stock traded down $0.2250 during trading hours on Tuesday, reaching $25.2850. 4,879,242 shares of the stock were exchanged, compared to its average volume of 7,464,933. The business's fifty day moving average is $20.75 and its two-hundred day moving average is $16.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.41 and a 12-month high of $26.54. The firm has a market capitalization of $43.39 billion, a P/E ratio of 27.79 and a beta of 0.50.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TME shares. Wall Street Zen cut shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Benchmark increased their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Citigroup reissued a "buy" rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Barclays reissued an "overweight" rating and set a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price 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.