TD Asset Management Inc Acquires Shares of 197,982 Tencent Music Entertainment Group Sponsored ADR $TME

TD Asset Management Inc bought a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 197,982 shares of the company’s stock, valued at approximately $4,621,000.

A number of other institutional investors also recently added to or reduced their stakes in TME. Schroder Investment Management Group grew its stake in shares of Tencent Music Entertainment Group by 2.2% in the second quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock worth $1,324,310,000 after purchasing an additional 1,491,095 shares in the last quarter. JPMorgan Chase & Co. grew its position in Tencent Music Entertainment Group by 26.4% in the 2nd 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 in the last quarter. Krane Funds Advisors LLC grew its position in Tencent Music Entertainment Group by 25.4% in the 3rd quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock valued at $421,593,000 after buying an additional 3,856,410 shares in the last quarter. State Street Corp increased its stake in Tencent Music Entertainment Group by 1.3% during the 2nd quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after buying an additional 155,692 shares during the period. Finally, Norges Bank bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth about $110,813,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on TME shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Morgan Stanley cut their target price 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. Barclays lifted their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Benchmark cut their price objective on 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. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $14.23 on Wednesday. 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 has a fifty day moving average of $16.46 and a 200-day moving average of $20.05. Tencent Music Entertainment Group Sponsored ADR has a one year low of $11.71 and a one year high of $26.70.

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.