Hel Ved Capital Management Ltd Invests $1.69 Million in Tencent Music Entertainment Group Sponsored ADR $TME

Hel Ved Capital Management Ltd bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 72,200 shares of the company’s stock, valued at approximately $1,685,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter worth about $110,813,000. JPMorgan Chase & Co. lifted its holdings in shares of Tencent Music Entertainment Group by 26.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after buying an additional 4,071,323 shares during the period. Krane Funds Advisors LLC lifted its holdings in shares of Tencent Music Entertainment Group by 25.4% in the 3rd quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock valued at $421,593,000 after buying an additional 3,856,410 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter worth about $88,175,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Tencent Music Entertainment Group by 174.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock worth $124,160,000 after buying an additional 3,384,583 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TME. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Morgan Stanley decreased their target price on shares of 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. Benchmark dropped their price target on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Finally, Barclays upped their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

Tencent Music Entertainment Group Stock Up 1.1%

NYSE:TME opened at $13.62 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.71 and a fifty-two week high of $26.70. The company has a fifty day moving average of $16.23 and a two-hundred day moving average of $19.88.

Tencent Music Entertainment Group 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.