Prudential PLC Buys 24,692 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Prudential PLC raised its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 6.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 417,382 shares of the company’s stock after buying an additional 24,692 shares during the period. Prudential PLC’s holdings in Tencent Music Entertainment Group were worth $8,135,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TME. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group during the 1st quarter worth approximately $34,000. Banque Transatlantique SA acquired a new position in Tencent Music Entertainment Group in the first quarter worth $46,000. Brooklyn Investment Group grew its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after purchasing an additional 4,307 shares during the last quarter. iA Global Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at $131,000. Finally, Haven Private LLC bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at about $237,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $17.68 on Friday. 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 twelve month low of $10.26 and a twelve month high of $26.70. The firm’s 50 day moving average price is $22.58 and its two-hundred day moving average price is $21.17. The firm has a market cap of $30.33 billion, a P/E ratio of 18.41, a PEG ratio of 1.12 and a beta of 0.51.

Wall Street Analysts Forecast Growth

TME has been the topic of several research analyst reports. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Benchmark cut their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Finally, Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.29.

Tencent Music Entertainment Group 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.