AGF Management Ltd. Has $20.51 Million Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

AGF Management Ltd. grew its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 86.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 878,591 shares of the company’s stock after purchasing an additional 407,400 shares during the quarter. AGF Management Ltd. owned about 0.05% of Tencent Music Entertainment Group worth $20,506,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada increased its holdings in shares of Tencent Music Entertainment Group by 9.0% during the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock valued at $2,082,000 after acquiring an additional 11,979 shares in the last quarter. AQR Capital Management LLC grew its position in Tencent Music Entertainment Group by 107.5% in the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock valued at $1,231,000 after purchasing an additional 44,265 shares during the period. Jones Financial Companies Lllp bought a new stake in Tencent Music Entertainment Group during the 1st quarter valued at $985,000. Acadian Asset Management LLC increased its stake in Tencent Music Entertainment Group by 385,900.0% during the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after purchasing an additional 50,167 shares in the last quarter. Finally, QRG Capital Management Inc. bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at $243,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 1.3%

Shares of NYSE:TME opened at $16.56 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $28.42 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.06 and a beta of 0.45. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $11.61 and a 12-month high of $26.70. The stock has a fifty day simple moving average of $17.59 and a two-hundred day simple moving average of $21.06.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TME shares. Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Barclays boosted their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target for the company. Benchmark decreased their price objective 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. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group 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.