Tencent Music Entertainment Group Sponsored ADR $TME Shares Purchased by Matthews International Capital Management LLC

Matthews International Capital Management LLC lifted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 810,263 shares of the company’s stock after purchasing an additional 10,383 shares during the period. Tencent Music Entertainment Group makes up 3.6% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 9th largest holding. Matthews International Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $15,792,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. SVB Wealth LLC purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $34,000. Banque Transatlantique SA acquired a new position in Tencent Music Entertainment Group during the first quarter worth about $46,000. Brooklyn Investment Group raised its position in Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after acquiring an additional 4,307 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in Tencent Music Entertainment Group by 35.6% during the first 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 during the last quarter. Finally, Eschler Asset Management LLP acquired a new position in Tencent Music Entertainment Group during the first quarter worth about $206,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $22.87 on Friday. The firm has a 50 day simple moving average of $24.09 and a 200-day simple moving average of $19.13. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a market cap of $39.25 billion, a PE ratio of 25.13 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.11 and a 1-year high of $26.70.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on TME shares. Barclays restated an “overweight” rating and set a $27.00 target price (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Citigroup restated a “buy” rating and set a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. Finally, Zacks Research upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Buy” and a consensus target price of $24.47.

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.