Tencent Music Entertainment Group Sponsored ADR $TME Holdings Lifted by Matthews International Capital Management LLC

Matthews International Capital Management LLC lifted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 810,263 shares of the company’s stock after buying an additional 10,383 shares during the period. Tencent Music Entertainment Group makes up 3.6% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 9th largest holding. Matthews International Capital Management LLC’s holdings in Tencent Music Entertainment Group were worth $15,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in shares of Tencent Music Entertainment Group by 10.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company’s stock valued at $5,583,000 after buying an additional 37,108 shares during the last quarter. Strs Ohio purchased a new position in Tencent Music Entertainment Group during the 1st quarter worth $1,228,000. Voya Investment Management LLC grew its position in Tencent Music Entertainment Group by 169.1% during the 1st quarter. Voya Investment Management LLC now owns 180,629 shares of the company’s stock worth $2,603,000 after purchasing an additional 113,503 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Tencent Music Entertainment Group by 15.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company’s stock worth $72,952,000 after purchasing an additional 666,674 shares during the last quarter. Finally, First Hawaiian Bank purchased a new position in Tencent Music Entertainment Group during the 1st quarter worth $1,292,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 0.3%

TME stock opened at $22.87 on Friday. Tencent Music Entertainment Group Sponsored ADR has a one year low of $10.11 and a one year high of $26.70. The stock has a market capitalization of $39.25 billion, a PE ratio of 25.13 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The company has a fifty day moving average of $24.09 and a 200-day moving average of $19.13.

Analyst Ratings Changes

Several research analysts have issued reports on TME shares. Barclays reissued an “overweight” rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Citigroup reissued a “buy” rating and set a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. 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 research report on Wednesday, August 13th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Finally, Benchmark raised their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $24.47.

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.