14,300 Shares in Tencent Music Entertainment Group Sponsored ADR $TME Purchased by Eschler Asset Management LLP

Eschler Asset Management LLP bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 1st quarter, Holdings Channel reports. The fund bought 14,300 shares of the company’s stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors have also modified their holdings of TME. Ethic Inc. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $192,000. Envestnet Asset Management Inc. boosted its holdings in Tencent Music Entertainment Group by 10.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company’s stock valued at $5,583,000 after purchasing an additional 37,108 shares during the period. Balyasny Asset Management L.P. boosted its holdings in Tencent Music Entertainment Group by 2,271.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,924,231 shares of the company’s stock valued at $21,840,000 after purchasing an additional 1,843,075 shares during the period. Raymond James Financial Inc. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $731,000. Finally, Cerity Partners LLC boosted its holdings in Tencent Music Entertainment Group by 14.1% in the 1st quarter. Cerity Partners LLC now owns 57,140 shares of the company’s stock valued at $823,000 after purchasing an additional 7,066 shares during the period. Institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TME. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Macquarie set a $29.80 price objective 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 target price on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Citigroup restated a “buy” rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $24.47.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $24.94 on Thursday. The firm has a 50 day moving average of $22.33 and a 200-day moving average of $17.40. The stock has a market capitalization of $42.80 billion, a PE ratio of 27.41 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. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $9.41 and a 12 month high of $26.54.

About Tencent Music Entertainment Group

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.