OVERSEA CHINESE BANKING Corp Ltd Has $2.83 Million Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 75.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 121,392 shares of the company’s stock after acquiring an additional 52,068 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Tencent Music Entertainment Group were worth $2,833,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in TME. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $110,813,000. JPMorgan Chase & Co. lifted its stake in Tencent Music Entertainment Group by 26.4% in the second 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. Robeco Institutional Asset Management B.V. lifted its stake in 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 valued at $124,160,000 after buying an additional 3,384,583 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Tencent Music Entertainment Group by 993.5% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,718,774 shares of the company’s stock worth $33,576,000 after buying an additional 1,561,600 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in shares of Tencent Music Entertainment Group by 2.2% during the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock worth $1,324,310,000 after buying an additional 1,491,095 shares during the period. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Trading Down 4.9%

NYSE:TME opened at $16.61 on Friday. 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 one year low of $10.27 and a one year high of $26.70. The company has a market cap of $29.96 billion, a PE ratio of 17.30, a PEG ratio of 1.08 and a beta of 0.45. The firm has a 50-day moving average of $18.20 and a 200-day moving average of $21.35.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Zacks Research downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Morgan Stanley decreased their price target 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. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Finally, Bank of America initiated coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. One 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 stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $25.79.

About Tencent Music Entertainment Group

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.