Jump Financial LLC Purchases New Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Jump Financial LLC has invested approximately $4.37 million in Tencent Music Entertainment Group, acquiring 303,412 shares, as reported in their 13F filing with the SEC.
• Institutional investors currently own 24.32% of Tencent Music's stock, with significant increases in holdings reported by both Balyasny Asset Management L.P. and Dimensional Fund Advisors LP.
• Various equities analysts have upgraded their ratings for Tencent Music Entertainment Group, with Citigroup setting a new price objective of $29.00, reflecting growing confidence in the company's prospects.

Jump Financial LLC acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 303,412 shares of the company's stock, valued at approximately $4,372,000.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Tencent Music Entertainment Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock valued at $432,206,000 after purchasing an additional 404,674 shares during the period. Krane Funds Advisors LLC boosted its holdings in Tencent Music Entertainment Group by 20.8% in the 1st 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. grew its stake in Tencent Music Entertainment Group by 31.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company's stock valued at $222,349,000 after buying an additional 3,656,695 shares in the last quarter. Nuveen LLC bought a new stake in Tencent Music Entertainment Group during the 1st quarter valued at $85,498,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Tencent Music Entertainment Group by 3,382.1% during 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 acquiring an additional 4,352,834 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TME. Benchmark upped their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Zacks Research upgraded Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Finally, Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $24.47.

Tencent Music Entertainment Group Price Performance

TME stock traded down $0.36 during trading on Friday, reaching $24.54. The company's stock had a trading volume of 7,157,765 shares, compared to its average volume of 7,278,725. The company has a market capitalization of $42.11 billion, a P/E ratio of 26.96 and a beta of 0.50. The company's fifty day moving average is $21.96 and its 200-day moving average is $17.16. 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.

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.