Tencent Music Entertainment Group Sponsored ADR $TME Position Boosted by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 520.1% during the 2nd quarter, Holdings Channel reports. The fund owned 533,529 shares of the company’s stock after purchasing an additional 447,492 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Tencent Music Entertainment Group were worth $10,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Cetera Investment Advisers acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at $1,008,000. Vanguard Group Inc. grew its position in 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 buying an additional 404,674 shares in the last quarter. Deutsche Bank AG increased its stake in Tencent Music Entertainment Group by 11.9% during the 1st quarter. Deutsche Bank AG now owns 4,434,839 shares of the company’s stock valued at $63,906,000 after buying an additional 469,945 shares during the period. Swiss National Bank raised its position in shares of Tencent Music Entertainment Group by 0.3% during the 1st quarter. Swiss National Bank now owns 1,705,930 shares of the company’s stock worth $24,582,000 after buying an additional 5,300 shares in the last quarter. Finally, National Bank of Canada FI acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $308,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $18.38 on Wednesday. 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 1 year low of $10.26 and a 1 year high of $26.70. The company has a market cap of $31.53 billion, a PE ratio of 19.14, a PEG ratio of 1.33 and a beta of 0.48. The stock’s 50-day moving average price is $20.99 and its two-hundred day moving average price is $21.49.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Barclays raised their price objective 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. Citigroup reiterated a “buy” rating and set a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Weiss Ratings downgraded Tencent Music Entertainment Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, December 2nd. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Finally, Benchmark lowered their target price on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.