Bank of Montreal Can Buys Shares of 97,879 Tencent Music Entertainment Group Sponsored ADR $TME

Bank of Montreal Can purchased a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 97,879 shares of the company’s stock, valued at approximately $1,908,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group in the first quarter valued at about $34,000. Banque Transatlantique SA acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $46,000. Brooklyn Investment Group grew its holdings in shares of Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $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 during the 2nd quarter worth approximately $131,000. Finally, Eschler Asset Management LLP acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth approximately $206,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Down 1.7%

Shares of NYSE:TME opened at $18.70 on Friday. The firm has a market cap of $32.08 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.15 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.11 and a 12-month high of $26.70. The business has a fifty day simple moving average of $23.23 and a 200 day simple moving average of $21.00. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TME. Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, October 8th. Citigroup reaffirmed a “buy” rating and issued a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.29.

About Tencent Music Entertainment Group

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.