M&G PLC Invests $10.95 Million in Tencent Music Entertainment Group Sponsored ADR $TME

M&G PLC acquired a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 476,271 shares of the company’s stock, valued at approximately $10,954,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Schroder Investment Management Group raised its stake in 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 valued at $1,324,310,000 after buying an additional 1,491,095 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after acquiring an additional 4,071,323 shares during the last quarter. State Street Corp increased its holdings in shares of Tencent Music Entertainment Group by 1.3% during the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after acquiring an additional 155,692 shares in the last quarter. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $110,813,000. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Tencent Music Entertainment Group by 174.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after purchasing an additional 3,384,583 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Benchmark lowered their price objective on shares of 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 dropped their price objective on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Finally, Barclays lifted their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $15.84 on Tuesday. 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 company’s fifty day moving average price is $17.14 and its 200-day moving average price is $20.69. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $11.71 and a 1-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.