JPMorgan Chase & Co. Has $222.35 Million Stock Position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• JPMorgan Chase & Co. increased its stake in Tencent Music Entertainment Group by 31.1%, acquiring an additional 3.6 million shares, bringing its total holdings to approximately 15.4 million shares worth $222.35 million.
• Other major investors, such as Balyasny Asset Management and Envestnet Asset Management, also significantly increased their stake in Tencent Music, indicating strong institutional interest in the company.
• Tencent Music Entertainment Group's stock has seen a recent price increase, currently trading at $25.64, with a 12-month high of $26.54 and several analysts giving it a consensus rating of "Buy."

JPMorgan Chase & Co. increased its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 31.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,430,218 shares of the company's stock after purchasing an additional 3,656,695 shares during the period. JPMorgan Chase & Co. owned approximately 0.90% of Tencent Music Entertainment Group worth $222,349,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Ethic Inc. acquired a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $192,000. Envestnet Asset Management Inc. grew its stake in Tencent Music Entertainment Group by 10.6% during the first quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock worth $5,583,000 after purchasing an additional 37,108 shares during the period. Balyasny Asset Management L.P. grew its stake in Tencent Music Entertainment Group by 2,271.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,924,231 shares of the company's stock worth $21,840,000 after purchasing an additional 1,843,075 shares during the period. Dimensional Fund Advisors LP grew its stake in Tencent Music Entertainment Group by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,253,409 shares of the company's stock worth $36,925,000 after purchasing an additional 352,082 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $731,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Up 1.0%

TME stock opened at $25.64 on Thursday. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $26.54. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The stock's 50 day moving average is $20.30 and its 200-day moving average is $16.05. The firm has a market capitalization of $44.00 billion, a PE ratio of 28.18 and a beta of 0.50.

Analyst Ratings Changes

TME has been the subject of a number of research reports. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday. Benchmark raised their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday. Wall Street Zen cut Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Monday. Finally, Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Buy" and a consensus target price of $23.29.

Tencent Music Entertainment Group Company 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.

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