Voya Investment Management LLC Grows Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Voya Investment Management LLC increased its stake in Tencent Music Entertainment Group by 169.1%, acquiring 113,503 shares during the first quarter, bringing its total holdings to 180,629 shares valued at approximately $2.6 million.
• Several analysts have upgraded the stock, with Barclays setting a new target price of $27.00 and Macquarie at $29.80, while Wall Street Zen raised its rating to "buy."
• Tencent Music has a market capitalization of $43.09 billion and notable stock performance, with a 52-week range from $9.79 to $26.70.

Voya Investment Management LLC increased its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 169.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 180,629 shares of the company's stock after purchasing an additional 113,503 shares during the period. Voya Investment Management LLC's holdings in Tencent Music Entertainment Group were worth $2,603,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group during the 1st quarter valued at $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth about $46,000. Brooklyn Investment Group increased its stake in shares of Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after acquiring an additional 4,307 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Tencent Music Entertainment Group by 35.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after acquiring an additional 3,570 shares in the last quarter. Finally, Eschler Asset Management LLP bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth about $206,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Trading Down 0.7%

Shares of TME traded down $0.18 during trading hours on Friday, reaching $25.11. 4,950,252 shares of the company traded hands, compared to its average volume of 5,800,631. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $9.79 and a 12-month high of $26.70. The stock's fifty day moving average price is $23.68 and its 200 day moving average price is $18.45. The firm has a market cap of $43.09 billion, a price-to-earnings ratio of 27.59 and a beta of 0.54. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

Wall Street Analyst Weigh In

Several analysts recently commented on TME shares. Barclays reissued an "overweight" rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Finally, Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to MarketBeat, the stock presently has an average 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.