Atomi Financial Group Inc. Has $306,000 Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Atomi Financial Group Inc. cut its position in Tencent Music Entertainment Group (NYSE:TME) by 5.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,418 shares of the company’s stock after selling 1,578 shares during the quarter. Atomi Financial Group Inc.’s holdings in Tencent Music Entertainment Group were worth $306,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TME. Handelsbanken Fonder AB lifted its stake in Tencent Music Entertainment Group by 2.4% in the third quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock valued at $2,165,000 after acquiring an additional 4,265 shares during the last quarter. Cetera Investment Advisers lifted its stake in Tencent Music Entertainment Group by 10.8% in the 2nd quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after purchasing an additional 8,216 shares during the last quarter. Creative Planning grew its holdings in Tencent Music Entertainment Group by 19.7% during the second quarter. Creative Planning now owns 81,560 shares of the company’s stock worth $1,146,000 after purchasing an additional 13,421 shares during the period. Driehaus Capital Management LLC increased its position in Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after buying an additional 1,925,124 shares during the last quarter. Finally, SIH Partners LLLP bought a new stake in Tencent Music Entertainment Group in the second quarter valued at approximately $282,000. 24.32% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Mizuho decreased their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Benchmark dropped 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 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 report on Tuesday, August 13th. Bank of America lowered their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.67.

Tencent Music Entertainment Group Trading Up 2.0 %

Shares of TME stock opened at $12.78 on Friday. The stock has a market cap of $21.93 billion, a P/E ratio of 25.56, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66. Tencent Music Entertainment Group has a 1 year low of $6.38 and a 1 year high of $15.77. 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 50 day simple moving average of $11.26 and a 200 day simple moving average of $12.83.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The company had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. On average, research analysts predict that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal 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.