Fortis Capital Advisors LLC Raises Position in Tencent Music Entertainment Group Sponsored ADR $TME

Fortis Capital Advisors LLC lifted its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 4.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 46,925 shares of the company’s stock after buying an additional 1,958 shares during the quarter. Fortis Capital Advisors LLC’s holdings in Tencent Music Entertainment Group were worth $915,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. increased its stake in shares of Tencent Music Entertainment Group by 1,847.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock worth $37,714,000 after purchasing an additional 1,835,687 shares during the last quarter. Harbour Capital Advisors LLC increased its stake in shares of Tencent Music Entertainment Group by 4.3% during the 2nd quarter. Harbour Capital Advisors LLC now owns 57,525 shares of the company’s stock worth $1,103,000 after purchasing an additional 2,380 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in Tencent Music Entertainment Group by 108.7% in the 2nd quarter. Exchange Traded Concepts LLC now owns 312,706 shares of the company’s stock valued at $6,095,000 after buying an additional 162,854 shares in the last quarter. Swedbank AB grew its stake in Tencent Music Entertainment Group by 222.7% in the 2nd quarter. Swedbank AB now owns 570,919 shares of the company’s stock valued at $11,127,000 after buying an additional 394,000 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in Tencent Music Entertainment Group by 169.1% in the 1st quarter. Voya Investment Management LLC now owns 180,629 shares of the company’s stock valued at $2,603,000 after buying an additional 113,503 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 0.3%

Shares of NYSE:TME opened at $22.87 on Friday. The firm has a fifty day moving average price of $24.09 and a two-hundred day moving average price of $19.13. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a one year low of $10.11 and a one year high of $26.70. The company has a market cap of $39.25 billion, a price-to-earnings ratio of 25.13 and a beta of 0.51.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Saturday, September 27th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 26th. Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Wednesday, August 13th. Finally, Barclays reiterated an “overweight” rating and issued a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Buy” and a consensus target price of $24.47.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.