Oppenheimer Asset Management Inc. Takes $114,000 Position in Tencent Music Entertainment Group (NYSE:TME)

Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,039 shares of the company’s stock, valued at approximately $114,000.

A number of other large investors also recently bought and sold shares of TME. Intech Investment Management LLC raised its stake in shares of Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after buying an additional 1,664 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Tencent Music Entertainment Group by 3.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after acquiring an additional 1,923 shares during the period. Thrivent Financial for Lutherans raised its position in Tencent Music Entertainment Group by 31.7% during the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after acquiring an additional 3,746 shares during the period. Avior Wealth Management LLC lifted its holdings in Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after purchasing an additional 4,071 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Tencent Music Entertainment Group by 0.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company’s stock valued at $20,059,000 after purchasing an additional 4,837 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.04.

Tencent Music Entertainment Group Stock Performance

TME opened at $13.31 on Friday. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The firm has a market capitalization of $22.83 billion, a PE ratio of 24.64, a PEG ratio of 0.77 and a beta of 0.70. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $11.98 and its 200 day moving average price is $11.61.

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.