William Blair Investment Management LLC Invests $88.18 Million in Tencent Music Entertainment Group Sponsored ADR $TME

William Blair Investment Management LLC acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the third quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,777,985 shares of the company’s stock, valued at approximately $88,175,000. William Blair Investment Management LLC owned 0.22% of Tencent Music Entertainment Group as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC purchased a new position in shares of Tencent Music Entertainment Group in the third quarter worth about $31,000. Global Retirement Partners LLC grew its stake in 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 valued at $44,000 after buying an additional 1,751 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in 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 acquiring an additional 1,397 shares during the period. EverSource Wealth Advisors LLC raised its holdings in 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 valued at $59,000 after acquiring an additional 1,363 shares during the period. Finally, MAI Capital Management purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter worth $73,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 1.1%

Tencent Music Entertainment Group stock opened at $14.59 on Monday. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $11.71 and a fifty-two week high of $26.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. The firm’s fifty day moving average price is $16.60 and its 200-day moving average price is $20.21.

Analyst Ratings Changes

TME has been the subject of several recent research reports. Morgan Stanley decreased their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Benchmark lowered their price target 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. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Finally, Barclays upped their price target 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. One equities 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.79.

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.