Tencent Music Entertainment Group Sponsored ADR $TME Position Increased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its holdings in Tencent Music Entertainment Group by 1.4% in Q1, owning 29,993,486 shares worth approximately $432.21 million.
• Various institutional investors have also raised their stakes, with notable increases from BNP Paribas (2.0%) and Ballentine Partners LLC (10.6%) in the first quarter.
• Wall Street analysts are optimistic, with several brokerages raising their price targets for Tencent Music, with a consensus rating of "Buy" and an average target price of $24.47.

Vanguard Group Inc. raised its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,993,486 shares of the company's stock after buying an additional 404,674 shares during the period. Vanguard Group Inc. owned approximately 1.75% of Tencent Music Entertainment Group worth $432,206,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. increased its stake 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 worth $196,000 after purchasing an additional 3,570 shares in the last quarter. Vise Technologies Inc. purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $169,000. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth approximately $192,000. Vident Advisory LLC grew its stake in Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after acquiring an additional 3,538 shares during the period. Finally, Ballentine Partners LLC grew its stake in Tencent Music Entertainment Group by 10.6% in the 1st quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after acquiring an additional 2,019 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on TME. Wall Street Zen cut shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Citigroup reiterated a "buy" rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Benchmark lifted their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Stock Down 1.1%

Shares of NYSE:TME traded down $0.2850 during midday trading on Tuesday, hitting $25.2250. 2,756,072 shares of the company's stock traded hands, compared to its average volume of 7,450,698. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The company has a market cap of $43.29 billion, a PE ratio of 27.72 and a beta of 0.50. The firm's fifty day moving average price is $20.75 and its two-hundred day moving average price is $16.40. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $26.54.

Tencent Music Entertainment Group Company 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.