Quantbot Technologies LP Boosts Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Quantbot Technologies LP increased its stake in Tencent Music Entertainment Group by 451.3%, owning 81,420 shares worth approximately $1.17 million after purchasing an additional 66,651 shares.
• Several institutional investors, including Balyasny Asset Management and Envestnet Asset Management, also significantly raised their positions in Tencent Music, highlighting strong interest in the company.
• Wall Street analysts are optimistic about Tencent Music, with many firms, including Daiwa Capital Markets and Macquarie, upgrading their ratings and setting target prices significantly above its recent share price.

Quantbot Technologies LP raised its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 451.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 81,420 shares of the company's stock after buying an additional 66,651 shares during the quarter. Quantbot Technologies LP's holdings in Tencent Music Entertainment Group were worth $1,173,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of TME. Brooklyn Investment Group grew its position in 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 buying an additional 4,307 shares during the period. Vise Technologies Inc. acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth about $169,000. Ethic Inc. acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth about $192,000. Oppenheimer Asset Management Inc. grew its position in 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 buying an additional 3,570 shares during the period. Finally, Vident Advisory LLC grew its position in Tencent Music Entertainment Group by 23.0% during the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after buying an additional 3,538 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 traded down $0.36 during trading hours on Friday, reaching $24.54. 7,157,765 shares of the company were exchanged, compared to its average volume of 7,278,725. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a market cap of $42.11 billion, a price-to-earnings ratio of 26.96 and a beta of 0.50. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $26.54. The stock has a 50 day simple moving average of $21.96 and a 200 day simple moving average of $17.16.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Citigroup reiterated a "buy" rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group 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.