Strs Ohio Makes New Investment in Tencent Music Entertainment Group Sponsored ADR $TME

Strs Ohio acquired a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 85,200 shares of the company’s stock, valued at approximately $1,228,000.

Several other hedge funds have also added to or reduced their stakes in TME. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group in the first quarter worth about $34,000. Banque Transatlantique SA bought a new stake in Tencent Music Entertainment Group in the first quarter worth about $46,000. Brooklyn Investment Group raised its position in Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after acquiring an additional 4,307 shares during the period. Vise Technologies Inc. bought a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $169,000. Finally, Oppenheimer Asset Management Inc. raised its position in Tencent Music Entertainment Group by 35.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company’s stock worth $196,000 after acquiring an additional 3,570 shares during the period. Institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. 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. Barclays reissued an “overweight” rating and issued a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Finally, Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $24.47.

Tencent Music Entertainment Group Price Performance

TME stock opened at $26.37 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $26.70. The stock has a market cap of $45.25 billion, a PE ratio of 28.98 and a beta of 0.54. The firm has a 50 day simple moving average of $23.47 and a two-hundred day simple moving average of $18.24.

Tencent Music Entertainment Group Company 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.