HAP Trading LLC purchased a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 21,274 shares of the company's stock, valued at approximately $307,000.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Tencent Music Entertainment Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock valued at $432,206,000 after acquiring an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC increased its position in Tencent Music Entertainment Group by 20.8% in the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after buying an additional 4,128,678 shares during the period. JPMorgan Chase & Co. increased its position in Tencent Music Entertainment Group by 31.1% in the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock worth $222,349,000 after buying an additional 3,656,695 shares during the period. Nuveen LLC acquired a new stake in Tencent Music Entertainment Group in the first quarter worth $85,498,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Tencent Music Entertainment Group by 3,382.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after buying an additional 4,352,834 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Trading Down 1.5%
NYSE:TME opened at $25.83 on Thursday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $9.41 and a 1-year high of $26.54. The firm has a market capitalization of $44.33 billion, a price-to-earnings ratio of 28.39 and a beta of 0.50. The stock has a fifty day simple moving average of $21.72 and a 200 day simple moving average of $16.99.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Citigroup reaffirmed a "buy" rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Barclays reissued an "overweight" rating and set a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $24.47.
Check Out Our Latest Research Report on TME
Tencent Music Entertainment Group Company Profile
(
Free Report)
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.
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Want to see what other hedge funds are holding TME? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report).
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