Oppenheimer Asset Management Inc. Buys Shares of 10,039 Tencent Music Entertainment Group (NYSE:TME)

Oppenheimer Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,039 shares of the company’s stock, valued at approximately $114,000.

Other institutional investors have also made changes to their positions in the company. US Bancorp DE grew its stake in shares of Tencent Music Entertainment Group by 278.6% in the third quarter. US Bancorp DE now owns 101,174 shares of the company’s stock valued at $1,219,000 after buying an additional 74,452 shares in the last quarter. Asset Management One Co. Ltd. grew its position in Tencent Music Entertainment Group by 3.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 491,178 shares of the company’s stock valued at $5,919,000 after acquiring an additional 15,210 shares in the last quarter. Principal Financial Group Inc. increased its stake in Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after purchasing an additional 211,873 shares during the period. Fiera Capital Corp increased its stake in Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after purchasing an additional 75,991 shares during the period. Finally, Crossmark Global Holdings Inc. lifted its position in shares of Tencent Music Entertainment Group by 30.7% during the third quarter. Crossmark Global Holdings Inc. now owns 38,460 shares of the company’s stock worth $464,000 after purchasing an additional 9,036 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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 objective for the company in a report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Down 0.1 %

Shares of NYSE:TME opened at $13.31 on Friday. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. The firm’s 50 day moving average price is $11.98 and its 200 day moving average price is $11.61. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $22.83 billion, a price-to-earnings ratio of 24.64, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70.

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.