Causeway Capital Management LLC Acquires 383,833 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Causeway Capital Management LLC grew its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 20.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,287,718 shares of the company’s stock after purchasing an additional 383,833 shares during the quarter. Causeway Capital Management LLC owned about 0.13% of Tencent Music Entertainment Group worth $53,395,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth $31,000. Global Retirement Partners LLC boosted its holdings in Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after purchasing an additional 1,751 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Tencent Music Entertainment Group by 137.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after acquiring an additional 1,397 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares during the last quarter. Finally, MAI Capital Management bought a new stake in Tencent Music Entertainment Group during the second quarter worth $73,000. Institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the topic of several research reports. Benchmark decreased their price objective 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. Morgan Stanley dropped their price target on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Finally, Barclays upped 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 report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $13.73 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. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $11.71 and a 12-month high of $26.70. The business’s 50-day moving average price is $16.15 and its two-hundred day moving average price is $19.73.

Tencent Music Entertainment Group Company 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.