iA Global Asset Management Inc. Makes New Investment in Tencent Music Entertainment Group Sponsored ADR $TME

iA Global Asset Management Inc. bought a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 6,732 shares of the company’s stock, valued at approximately $131,000.

Other large investors also recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group in the first quarter worth approximately $34,000. Banque Transatlantique SA bought a new stake in Tencent Music Entertainment Group in the first quarter worth approximately $46,000. Brooklyn Investment Group grew its position in Tencent Music Entertainment Group by 957.1% in 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 in the last quarter. Eschler Asset Management LLP acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $206,000. Finally, Taikang Asset Management Hong Kong Co Ltd acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $207,000. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Benchmark boosted their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, August 13th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Citigroup restated a “buy” rating and issued a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target of $24.54.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $22.56 on Wednesday. The stock has a market cap of $38.72 billion, a P/E ratio of 24.79, a PEG ratio of 1.40 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a one year low of $10.11 and a one year high of $26.70. The company has a fifty day moving average price of $23.79 and a 200 day moving average price of $20.72. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87.

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.