Creative Planning Purchases 28,747 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Creative Planning grew its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 30.6% in the second quarter, HoldingsChannel reports. The fund owned 122,633 shares of the company’s stock after acquiring an additional 28,747 shares during the period. Creative Planning’s holdings in Tencent Music Entertainment Group were worth $2,390,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in Tencent Music Entertainment Group in the 1st quarter valued at $85,498,000. JPMorgan Chase & Co. increased its position in shares of Tencent Music Entertainment Group by 31.1% in the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock valued at $222,349,000 after acquiring an additional 3,656,695 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Tencent Music Entertainment Group by 1,847.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock valued at $37,714,000 after acquiring an additional 1,835,687 shares during the last quarter. Wellington Management Group LLP raised its holdings in Tencent Music Entertainment Group by 419.7% during the first quarter. Wellington Management Group LLP now owns 1,948,415 shares of the company’s stock worth $28,077,000 after acquiring an additional 1,573,531 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in Tencent Music Entertainment Group by 2,928.0% during the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after purchasing an additional 1,469,278 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

TME has been the topic of a number of recent analyst reports. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Wednesday, August 13th. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark dropped their target price on shares of 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. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Finally, Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Stock Up 1.8%

TME opened at $18.47 on Tuesday. The stock has a fifty day moving average of $22.30 and a 200-day moving average of $21.32. The company has a market capitalization of $31.70 billion, a P/E ratio of 19.24, a P/E/G ratio of 1.08 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.26 and a fifty-two week high of $26.70. 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 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.