400,000 Shares in Tencent Music Entertainment Group Sponsored ADR $TME Bought by Working Capital Advisors UK Ltd.

Working Capital Advisors UK Ltd. bought a new position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 400,000 shares of the company’s stock, valued at approximately $3,340,000,000. Tencent Music Entertainment Group makes up 5.8% of Working Capital Advisors UK Ltd.’s holdings, making the stock its 3rd biggest position.

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in shares of Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Tencent Music Entertainment Group by 5,777.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after purchasing an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Tencent Music Entertainment Group by 61.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC raised its stake in Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TME shares. JPMorgan Chase & Co. dropped their target price on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Mizuho dropped their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating for the company in a report on Wednesday. UBS Group set a $15.00 target price on shares of Tencent Music Entertainment Group in a research report on Wednesday. Finally, Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.21.

Tencent Music Entertainment Group Trading Up 2.0%

TME stock opened at $8.84 on Friday. The company has a market capitalization of $13.91 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 1.51 and a beta of 0.84. Tencent Music Entertainment Group Sponsored ADR has a one year low of $7.94 and a one year high of $26.70. The company’s 50 day moving average price is $8.95 and its two-hundred day moving average price is $10.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.08 and a current ratio of 1.74.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. The company had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. As a group, analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current fiscal year.

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.