Y Intercept Hong Kong Ltd Purchases Shares of 124,427 Tencent Music Entertainment Group Sponsored ADR $TME

Y Intercept Hong Kong Ltd acquired a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 124,427 shares of the company’s stock, valued at approximately $2,904,000.

Several other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada lifted its position in Tencent Music Entertainment Group by 9.0% during the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock valued at $2,082,000 after purchasing an additional 11,979 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after acquiring an additional 44,265 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in Tencent Music Entertainment Group in the first quarter worth $985,000. Acadian Asset Management LLC increased its stake in Tencent Music Entertainment Group by 385,900.0% in the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after acquiring an additional 50,167 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in Tencent Music Entertainment Group by 1,847.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock valued at $37,714,000 after purchasing an additional 1,835,687 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TME. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Barclays upped their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target on the stock. Morgan Stanley lowered their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. Finally, Zacks Research downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Trading Down 1.0%

NYSE:TME opened at $16.63 on Tuesday. The stock has a market cap of $28.83 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 1.06 and a beta of 0.45. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average price of $17.73 and a 200-day moving average price of $21.21. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $11.40 and a 12 month high of $26.70.

About Tencent Music Entertainment Group

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.