PDS Planning Inc Purchases 665 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

PDS Planning Inc raised its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 5.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,561 shares of the company’s stock after acquiring an additional 665 shares during the quarter. PDS Planning Inc’s holdings in Tencent Music Entertainment Group were worth $245,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. SVB Wealth LLC purchased a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $34,000. Banque Transatlantique SA purchased a new position in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Brooklyn Investment Group lifted its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $69,000 after purchasing an additional 4,307 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $243,000. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company’s stock valued at $196,000 after purchasing an additional 3,570 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TME has been the subject of several recent research reports. Benchmark lifted their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Buy” and an average price target of $24.47.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $22.45 on Monday. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $10.11 and a twelve month high of $26.70. The firm has a market cap of $38.53 billion, a P/E ratio of 24.67 and a beta of 0.51. The company has a 50 day moving average of $24.28 and a 200 day moving average of $19.50. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04.

Tencent Music Entertainment Group 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.