Vise Technologies Inc. Invests $262,000 in Tencent Music Entertainment Group Sponsored ADR $TME

Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 13,423 shares of the company’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TME. Nuveen LLC bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $85,498,000. JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 31.1% during the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock valued at $222,349,000 after purchasing an additional 3,656,695 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Tencent Music Entertainment Group by 1,847.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock valued at $37,714,000 after buying an additional 1,835,687 shares during the period. Wellington Management Group LLP raised its stake in Tencent Music Entertainment Group by 419.7% in the first quarter. Wellington Management Group LLP now owns 1,948,415 shares of the company’s stock worth $28,077,000 after buying an additional 1,573,531 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Tencent Music Entertainment Group by 2,928.0% during the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock worth $29,601,000 after buying an additional 1,469,278 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Trading Down 0.4%

NYSE TME opened at $18.86 on Tuesday. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $10.26 and a 12-month high of $26.70. The company has a fifty day simple moving average of $23.00 and a two-hundred day simple moving average of $21.18. 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 market cap of $32.36 billion, a P/E ratio of 19.64, a P/E/G ratio of 1.14 and a beta of 0.51.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TME. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. Benchmark reduced 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. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Wednesday, August 13th. Finally, Barclays upped 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 investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average target price of $24.29.

About Tencent Music Entertainment Group

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.