APG Asset Management N.V. Purchases 154,400 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

APG Asset Management N.V. lifted its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 100.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 307,371 shares of the company’s stock after purchasing an additional 154,400 shares during the quarter. APG Asset Management N.V.’s holdings in Tencent Music Entertainment Group were worth $7,174,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in TME. Smartleaf Asset Management LLC purchased a new stake in Tencent Music Entertainment Group in the third quarter valued at approximately $31,000. Global Retirement Partners LLC increased its holdings in shares of Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after buying an additional 1,751 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after buying an additional 1,397 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings 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 acquiring an additional 1,363 shares during the last quarter. Finally, MAI Capital Management purchased a new position in Tencent Music Entertainment Group in the second quarter worth $73,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TME shares. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Morgan Stanley reduced their price target on shares of 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. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Benchmark reduced their target price 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. Finally, Barclays lifted their target price 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 research 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 MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Price Performance

TME stock opened at $14.23 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.71 and a 1 year high of $26.70. The firm has a 50-day moving average of $16.46 and a 200 day moving average of $20.05.

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.