PDS Planning Inc Increases Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

PDS Planning Inc raised its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 5.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 12,561 shares of the company’s stock after buying an additional 665 shares during the quarter. PDS Planning Inc’s holdings in Tencent Music Entertainment Group were worth $245,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its stake in Tencent Music Entertainment Group by 10.6% during 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 stake in Tencent Music Entertainment Group during the 1st quarter valued at $1,228,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 valued at $72,952,000 after buying an additional 666,674 shares during the last quarter. Voya Investment Management LLC raised its stake 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 valued at $2,603,000 after buying an additional 113,503 shares during the last quarter. Finally, First Hawaiian Bank purchased a new stake in Tencent Music Entertainment Group during the 1st quarter valued at $1,292,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Wednesday, August 13th. Benchmark boosted their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Daiwa Capital Markets raised shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. Finally, Barclays reissued an “overweight” rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $24.47.

Tencent Music Entertainment Group Trading Down 4.3%

Shares of TME stock opened at $22.45 on Monday. The company has a market cap of $38.53 billion, a price-to-earnings ratio of 24.67 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a fifty day moving average price of $24.28 and a 200-day moving average price of $19.50. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $10.11 and a 1 year high of $26.70.

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.