China Universal Asset Management Co. Ltd. Acquires New Shares in Tencent Music Entertainment Group Sponsored ADR $TME

China Universal Asset Management Co. Ltd. bought a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 85,000 shares of the company’s stock, valued at approximately $1,657,000.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company’s stock valued at $432,206,000 after acquiring an additional 404,674 shares during the last quarter. National Bank of Canada FI bought a new stake in Tencent Music Entertainment Group in the first quarter valued at approximately $308,000. Townsquare Capital LLC acquired a new stake in Tencent Music Entertainment Group in the first quarter worth $812,000. Public Sector Pension Investment Board boosted its position in shares of Tencent Music Entertainment Group by 18.8% during the first quarter. Public Sector Pension Investment Board now owns 283,929 shares of the company’s stock worth $4,091,000 after purchasing an additional 44,900 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 9.7% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 197,630 shares of the company’s stock valued at $2,847,000 after buying an additional 17,405 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Up 0.1%

Shares of Tencent Music Entertainment Group stock opened at $18.21 on Friday. The firm has a market cap of $31.25 billion, a PE ratio of 18.97, a P/E/G ratio of 1.31 and a beta of 0.47. The business’s 50 day simple moving average is $20.70 and its 200 day simple moving average is $21.47. 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 52-week low of $10.26 and a 52-week high of $26.70.

Analysts Set New Price Targets

TME has been the subject of a number of recent analyst reports. Benchmark lowered their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 8th. Bank of America started coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price for the company. Finally, Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Company Profile

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.