WT Asset Management Ltd Invests $1.04 Million in Tencent Music Entertainment Group Sponsored ADR $TME

WT Asset Management Ltd bought a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 44,500 shares of the company’s stock, valued at approximately $1,039,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. GSA Capital Partners LLP raised its holdings in shares of Tencent Music Entertainment Group by 209.5% in the 3rd quarter. GSA Capital Partners LLP now owns 32,060 shares of the company’s stock worth $748,000 after purchasing an additional 21,700 shares during the period. M&G PLC acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $10,954,000. PNC Financial Services Group Inc. raised its holdings in Tencent Music Entertainment Group by 11.3% in the third quarter. PNC Financial Services Group Inc. now owns 14,248 shares of the company’s stock valued at $333,000 after buying an additional 1,449 shares during the period. Glaxis Capital Management LLC acquired a new position in Tencent Music Entertainment Group during the third quarter valued at approximately $350,000. Finally, Assetmark Inc. grew its stake in Tencent Music Entertainment Group by 24.9% during the third quarter. Assetmark Inc. now owns 77,374 shares of the company’s stock worth $1,806,000 after buying an additional 15,447 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 0.8%

Shares of NYSE TME traded down $0.13 during midday trading on Friday, reaching $15.10. 489,444 shares of the company’s stock were exchanged, compared to its average volume of 6,126,121. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $11.71 and a 52-week high of $26.70. The business’s fifty day moving average price is $16.96 and its two-hundred day moving average price is $20.58.

Wall Street Analyst Weigh In

TME has been the topic of a number of research reports. Morgan Stanley cut their target price on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Benchmark dropped their target price on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Finally, Bank of America began coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group 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.