KADENSA CAPITAL Ltd Buys New Shares in Tencent Music Entertainment Group Sponsored ADR $TME

KADENSA CAPITAL Ltd purchased a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 530,198 shares of the company’s stock, valued at approximately $12,375,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Corient Private Wealth LLC grew its position in shares of Tencent Music Entertainment Group by 1.6% in the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock valued at $628,000 after acquiring an additional 498 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Tencent Music Entertainment Group by 5.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock valued at $264,000 after purchasing an additional 651 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Tencent Music Entertainment Group by 11.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after purchasing an additional 1,269 shares during the last quarter. Smartleaf Asset Management LLC bought a new position in Tencent Music Entertainment Group during the third quarter worth about $31,000. Finally, EverSource Wealth Advisors LLC grew its holdings 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 worth $59,000 after purchasing an additional 1,363 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 3.6%

Shares of NYSE:TME opened at $14.18 on Monday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $11.71 and a 12-month high of $26.70. The business has a 50 day moving average of $15.84 and a 200-day moving average of $19.39. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09.

Wall Street Analyst Weigh In

Several analysts have issued reports on TME shares. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Morgan Stanley reduced 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 note on Monday, December 22nd. One 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.