Capital Wealth Planning LLC Boosts Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Capital Wealth Planning LLC grew its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 55.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 372,664 shares of the company’s stock after purchasing an additional 132,406 shares during the period. Capital Wealth Planning LLC’s holdings in Tencent Music Entertainment Group were worth $8,698,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Corient Private Wealth LLC boosted its holdings in Tencent Music Entertainment Group by 1.6% during the second quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after purchasing an additional 498 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Tencent Music Entertainment Group by 5.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock valued at $264,000 after buying an additional 651 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 11.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock worth $249,000 after buying an additional 1,269 shares in the last quarter. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $31,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after buying an additional 1,363 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Trading Up 3.6%

Shares of NYSE:TME opened at $14.18 on Friday. 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 company has a 50-day moving average price of $15.84 and a two-hundred day moving average price of $19.48. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $11.71 and a twelve month high of $26.70.

Analysts Set New Price Targets

A number of analysts recently commented on TME shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Morgan Stanley cut their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

About Tencent Music Entertainment Group

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.