Atlas Capital Advisors LLC Purchases New Position in Tencent Music Entertainment Group (NYSE:TME)

Atlas Capital Advisors LLC acquired a new position in Tencent Music Entertainment Group (NYSE:TME) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 25,677 shares of the company’s stock, valued at approximately $361,000.

Other institutional investors also recently bought and sold shares of the company. Tobam grew its position in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares in the last quarter. SageView Advisory Group LLC purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $90,000. Parallel Advisors LLC raised its holdings in shares of Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after purchasing an additional 2,328 shares in the last quarter. iA Global Asset Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after purchasing an additional 10,277 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in Tencent Music Entertainment Group by 24.7% during the fourth quarter. QRG Capital Management Inc. now owns 14,624 shares of the company’s stock valued at $132,000 after buying an additional 2,898 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Bank of America dropped their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.72.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME traded down $0.03 during midday trading on Friday, reaching $10.44. The company had a trading volume of 8,402,099 shares, compared to its average volume of 8,498,538. Tencent Music Entertainment Group has a 1 year low of $5.96 and a 1 year high of $15.77. The business’s 50-day simple moving average is $13.29 and its 200 day simple moving average is $12.65. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $17.92 billion, a P/E ratio of 22.70, a P/E/G ratio of 0.80 and a beta of 0.68.

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.