Robeco Institutional Asset Management B.V. Buys 3,384,583 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Robeco Institutional Asset Management B.V. grew its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 174.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,319,631 shares of the company’s stock after purchasing an additional 3,384,583 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Tencent Music Entertainment Group were worth $124,160,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC boosted its stake in Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after buying an additional 1,751 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after acquiring an additional 1,363 shares in the last quarter. MAI Capital Management purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $73,000. iA Global Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group during the 2nd quarter valued at approximately $131,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 424.1% in the third quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock valued at $167,000 after purchasing an additional 5,793 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $17.60 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The firm has a market capitalization of $31.71 billion, a P/E ratio of 18.33, a price-to-earnings-growth ratio of 1.14 and a beta of 0.45. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $10.26 and a 1-year high of $26.70. The company’s 50-day moving average is $18.95 and its 200 day moving average is $21.45.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Bank of America started coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target on the stock. Barclays lifted their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Zacks Research downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

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.