HAP Trading LLC Invests $307,000 in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• HAP Trading LLC has acquired a new stake in Tencent Music Entertainment Group, purchasing 21,274 shares valued at approximately $307,000.
• Several institutional investors, including Vanguard Group Inc. and JPMorgan Chase & Co., have also increased their stakes in Tencent Music, indicating growing interest in the company.
• Equities research analysts have set new price targets for Tencent Music Entertainment Group, with Citigroup raising its target to $29.00 from $23.00, reflecting positive market sentiment.

HAP Trading LLC acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 21,274 shares of the company's stock, valued at approximately $307,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SVB Wealth LLC bought a new stake in shares of Tencent Music Entertainment Group during the first quarter worth $34,000. Brooklyn Investment Group raised its position in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after acquiring an additional 4,307 shares during the last quarter. Vise Technologies Inc. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $169,000. Ethic Inc. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $192,000. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after acquiring an additional 3,570 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 0.1%

Shares of Tencent Music Entertainment Group stock traded down $0.04 during trading on Tuesday, reaching $24.49. 1,937,685 shares of the company were exchanged, compared to its average volume of 7,456,947. 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 twelve month low of $9.41 and a twelve month high of $26.54. The business has a 50-day moving average price of $22.09 and a 200-day moving average price of $17.30. The firm has a market capitalization of $42.02 billion, a price-to-earnings ratio of 26.92 and a beta of 0.54.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TME. Zacks Research upgraded Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Benchmark boosted their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Finally, Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of "Buy" and an average price target of $24.47.

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.