American Century Companies Inc. Has $26.12 Million Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

American Century Companies Inc. boosted its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 10.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,119,081 shares of the company’s stock after acquiring an additional 109,954 shares during the quarter. American Century Companies Inc. owned 0.07% of Tencent Music Entertainment Group worth $26,119,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Smartleaf Asset Management LLC purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter worth approximately $31,000. Global Retirement Partners LLC grew its holdings in Tencent Music Entertainment Group by 1,326.5% during the third 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 in the last quarter. Jones Financial Companies Lllp grew its holdings in Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after buying an additional 1,397 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in 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 valued at $59,000 after buying an additional 1,363 shares during the last quarter. Finally, MAI Capital Management purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at $73,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 1.1%

TME stock opened at $13.62 on Monday. The stock has a market cap of $23.37 billion, a P/E ratio of 14.19, a P/E/G ratio of 0.86 and a beta of 0.56. 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 stock’s fifty day simple moving average is $16.23 and its two-hundred day simple moving average is $19.81. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $11.71 and a 1-year high of $26.70.

Analyst Ratings Changes

A number of research firms have issued reports on TME. Barclays lifted 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 report on Wednesday, November 12th. Benchmark lowered their target price on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Morgan Stanley dropped 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. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Company 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.