3,777,985 Shares in Tencent Music Entertainment Group Sponsored ADR $TME Acquired by William Blair Investment Management LLC

William Blair Investment Management LLC bought a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 3,777,985 shares of the company’s stock, valued at approximately $88,175,000.

Several other large investors have also recently made changes to their positions in the business. Smartleaf Asset Management LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $31,000. Global Retirement Partners LLC raised its position 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 worth $44,000 after purchasing an additional 1,751 shares during the period. Jones Financial Companies Lllp lifted its stake in Tencent Music Entertainment Group by 137.4% in the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after purchasing an additional 1,397 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Tencent Music Entertainment Group by 83.0% during the second 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 period. Finally, MAI Capital Management bought a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $73,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

TME opened at $14.59 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The stock’s 50 day moving average price is $16.60 and its 200-day moving average price is $20.21. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $11.71 and a 52-week high of $26.70.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TME shares. Benchmark lowered their target price 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. Morgan Stanley lowered their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. 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 note on Wednesday, November 12th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.