Catalyst Funds Management Pty Ltd Acquires Shares of 180,679 Tencent Music Entertainment Group Sponsored ADR $TME

Catalyst Funds Management Pty Ltd bought a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 180,679 shares of the company’s stock, valued at approximately $3,521,000. Tencent Music Entertainment Group makes up about 1.0% of Catalyst Funds Management Pty Ltd’s portfolio, making the stock its 14th biggest position.

Several other institutional investors and hedge funds have also made changes to their positions in TME. PDS Planning Inc boosted its holdings in shares of Tencent Music Entertainment Group by 5.6% in the 2nd quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock valued at $245,000 after buying an additional 665 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in Tencent Music Entertainment Group by 0.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock valued at $1,975,000 after acquiring an additional 842 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 11.0% during the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after purchasing an additional 1,269 shares during the last quarter. Fortis Capital Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 4.4% during the second quarter. Fortis Capital Advisors LLC now owns 46,925 shares of the company’s stock valued at $915,000 after purchasing an additional 1,958 shares during the last quarter. Finally, Belpointe Asset Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 4.4% in the 2nd quarter. Belpointe Asset Management LLC now owns 46,925 shares of the company’s stock worth $915,000 after purchasing an additional 1,958 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TME. Benchmark lowered their price objective on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, October 8th. Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price for the company. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. Finally, Citigroup reaffirmed a “buy” rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average target price of $24.29.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $18.79 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a 12 month low of $10.26 and a 12 month high of $26.70. The firm has a market capitalization of $32.24 billion, a PE ratio of 19.57, a P/E/G ratio of 1.13 and a beta of 0.51. The company’s 50 day simple moving average is $22.74 and its 200 day simple moving average is $21.19. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08.

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.