XY Capital Ltd Raises Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• XY Capital Ltd increased its stake in Tencent Music Entertainment Group by 251.3% in the first quarter, bringing its holdings to 338,618 shares worth about $3.14 million.
• Other institutional investors also adjusted positions in TME, and institutional ownership stands at 24.32% of the company’s shares.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating with a $21.44 average price target, while TME was trading around $8.95 and is down 2.4% in the latest session.

XY Capital Ltd raised its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 251.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 338,618 shares of the company's stock after buying an additional 242,218 shares during the period. Tencent Music Entertainment Group comprises 3.1% of XY Capital Ltd's portfolio, making the stock its 9th biggest position. XY Capital Ltd's holdings in Tencent Music Entertainment Group were worth $3,142,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Allworth Financial LP increased its holdings in Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company's stock valued at $35,000 after purchasing an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Tencent Music Entertainment Group by 5,777.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company's stock worth $36,000 after purchasing an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Tencent Music Entertainment Group by 61.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company's stock worth $37,000 after purchasing an additional 807 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $46,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock worth $59,000 after purchasing an additional 1,363 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Wall Street Analysts Forecast Growth

TME has been the subject of a number of research analyst reports. Zacks Research raised Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 19th. JPMorgan Chase & Co. lowered their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Thursday, May 14th. Weiss Ratings raised shares of Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, July 1st. Finally, Mizuho reduced their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Hold" and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Down 2.4%

NYSE TME opened at $8.95 on Wednesday. The stock has a market capitalization of $14.09 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 0.60 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.94 and a 52 week high of $26.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. The stock has a fifty day moving average of $8.90 and a 200-day moving average of $11.69.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. On average, equities research analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group NYSE: TME is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent's music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.

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