Jupiter Asset Management Ltd. Acquires Shares of 629,531 Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• Jupiter Asset Management Ltd. acquired 629,531 shares of Tencent Music Entertainment Group, valued at approximately $9,072,000, indicating significant institutional interest in the company.
• Multiple hedge funds have increased their stakes in Tencent Music Entertainment Group, with a notable 2,271.0% increase from Balyasny Asset Management L.P. in the fourth quarter.
• Analysts show a positive outlook for the company's stock, with various upgrades leading to an average rating of "Moderate Buy" and an average price target of $16.60.

Jupiter Asset Management Ltd. acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 629,531 shares of the company's stock, valued at approximately $9,072,000.

Other hedge funds have also modified their holdings of the company. Ethic Inc. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth $192,000. Geode Capital Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company's stock worth $50,323,000 after buying an additional 160,078 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of 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 buying an additional 37,108 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of 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 buying an additional 1,843,075 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Tencent Music Entertainment Group by 12.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,253,409 shares of the company's stock valued at $36,925,000 after acquiring an additional 352,082 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TME has been the subject of a number of recent research reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Macquarie set a $26.20 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, June 17th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Sunday. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $20.53 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. Tencent Music Entertainment Group Sponsored ADR has a one year low of $9.41 and a one year high of $22.50. The firm has a market capitalization of $35.23 billion, a P/E ratio of 24.44 and a beta of 0.50. The company's fifty day moving average is $19.45 and its two-hundred day moving average is $15.47.

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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