Rakuten Investment Management Inc. Purchases Shares of 33,541 Tencent Music Entertainment Group Sponsored ADR $TME

Rakuten Investment Management Inc. acquired a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 33,541 shares of the company’s stock, valued at approximately $783,000.

Other institutional investors have also recently bought and sold shares of the company. Schroder Investment Management Group increased its position in Tencent Music Entertainment Group by 2.2% during the second quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock worth $1,324,310,000 after purchasing an additional 1,491,095 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after buying an additional 4,071,323 shares during the period. State Street Corp grew its stake in shares of Tencent Music Entertainment Group by 1.3% during the 2nd quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after buying an additional 155,692 shares during the period. Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth $110,813,000. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Tencent Music Entertainment Group by 174.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after buying an additional 3,384,583 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Barclays boosted their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Bank of America began coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Finally, Benchmark cut their target price on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.79.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $16.81 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.08 and a fifty-two week high of $26.70. The business has a 50 day moving average price of $17.77 and a two-hundred day moving average price of $21.22.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.