Intech Investment Management LLC Boosts Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Intech Investment Management LLC boosted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 61.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,320 shares of the company’s stock after acquiring an additional 12,302 shares during the period. Intech Investment Management LLC’s holdings in Tencent Music Entertainment Group were worth $630,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Creative Planning raised its holdings in shares of Tencent Music Entertainment Group by 30.6% in the 2nd quarter. Creative Planning now owns 122,633 shares of the company’s stock worth $2,390,000 after purchasing an additional 28,747 shares during the period. SG Americas Securities LLC bought a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at $6,178,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Tencent Music Entertainment Group by 0.5% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,247,192 shares of the company’s stock valued at $24,308,000 after buying an additional 6,384 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 4,482,899 shares of the company’s stock worth $86,386,000 after acquiring an additional 33,082 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Tencent Music Entertainment Group by 11.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock worth $249,000 after acquiring an additional 1,269 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TME shares. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. Bank of America initiated 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 objective for the company. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $24.29.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $17.99 on Friday. The business has a 50 day moving average of $21.85 and a 200 day moving average of $21.31. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.26 and a 52 week high of $26.70. The company has a market cap of $30.88 billion, a PE ratio of 18.74, a P/E/G ratio of 1.07 and a beta of 0.51. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

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.