Mitsubishi UFJ Asset Management Co. Ltd. Grows Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 11.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 783,472 shares of the company’s stock after buying an additional 82,549 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Tencent Music Entertainment Group were worth $15,270,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group during the 1st quarter valued at $34,000. Banque Transatlantique SA acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $46,000. Brooklyn Investment Group lifted its position 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 position in Tencent Music Entertainment Group in the second quarter worth about $131,000. Finally, Eschler Asset Management LLP bought a new stake in Tencent Music Entertainment Group in the first quarter valued at about $206,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Trading Down 3.7%

Shares of NYSE:TME opened at $20.75 on Wednesday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average price is $23.47 and its 200 day moving average price is $21.03. The company has a market cap of $35.60 billion, a PE ratio of 22.80, a P/E/G ratio of 1.30 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.11 and a fifty-two week high of $26.70.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TME shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Wednesday, August 13th. Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Benchmark lifted their price target on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Finally, Bank of America assumed 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. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $24.54.

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.