QRG Capital Management Inc. Acquires New Shares in Tencent Music Entertainment Group Sponsored ADR $TME

QRG Capital Management Inc. acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 2nd quarter, Holdings Channel reports. The firm acquired 12,462 shares of the company’s stock, valued at approximately $243,000.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Tencent Music Entertainment Group by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company’s stock valued at $432,206,000 after purchasing an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC increased its stake in Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company’s stock valued at $345,619,000 after purchasing an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Tencent Music Entertainment Group by 31.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock valued at $222,349,000 after purchasing an additional 3,656,695 shares in the last quarter. Nuveen LLC purchased a new position in Tencent Music Entertainment Group in the 1st quarter valued at approximately $85,498,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Tencent Music Entertainment Group by 15.2% during the first 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 buying an additional 666,674 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

TME stock opened at $22.45 on Monday. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.11 and a 52-week high of $26.70. The stock’s fifty day simple moving average is $24.28 and its 200-day simple moving average is $19.50. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $38.53 billion, a price-to-earnings ratio of 24.67 and a beta of 0.51.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on TME shares. Wall Street Zen raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Benchmark raised their price target on 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. Citigroup reissued a “buy” rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Buy” and an average target price of $24.47.

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.