Y Intercept Hong Kong Ltd Makes New Investment in Tencent Music Entertainment Group Sponsored ADR $TME

Y Intercept Hong Kong Ltd acquired a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 124,427 shares of the company’s stock, valued at approximately $2,904,000.

Other hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC grew its stake in Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after acquiring an additional 1,751 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares during the last quarter. MAI Capital Management purchased a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $73,000. iA Global Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group in the second quarter worth about $131,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Tencent Music Entertainment Group by 424.1% in the third quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock worth $167,000 after buying an additional 5,793 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 1.0%

Shares of TME opened at $16.63 on Tuesday. The company’s fifty day simple moving average is $17.73 and its 200-day simple moving average is $21.21. The company has a market cap of $28.83 billion, a P/E ratio of 17.32, a P/E/G ratio of 1.06 and a beta of 0.45. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $11.40 and a twelve month high of $26.70.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TME. Benchmark reduced their price objective 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. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Barclays upped their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Bank of America started coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price on the stock. Finally, Morgan Stanley decreased 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 report on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Company 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.