XTX Topco Ltd Makes New $325,000 Investment in Tencent Music Entertainment Group (NYSE:TME)

XTX Topco Ltd purchased a new stake in Tencent Music Entertainment Group (NYSE:TME) in the second quarter, HoldingsChannel reports. The firm purchased 23,113 shares of the company’s stock, valued at approximately $325,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $37,000. Tobam grew its position in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares during the last quarter. SageView Advisory Group LLC purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $90,000. Parallel Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after purchasing an additional 2,328 shares during the last quarter. Finally, iA Global Asset Management Inc. raised its position in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Bank of America dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $15.00 to $13.00 in a report on Wednesday. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.67.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $12.27 on Friday. The company has a market cap of $21.06 billion, a P/E ratio of 26.67, a P/E/G ratio of 0.88 and a beta of 0.65. The firm’s 50 day moving average is $11.59 and its two-hundred day moving average is $12.66. Tencent Music Entertainment Group has a fifty-two week low of $6.09 and a fifty-two week high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

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.