Cetera Investment Advisers Has $1.19 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Cetera Investment Advisers increased its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 10.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,366 shares of the company’s stock after acquiring an additional 8,216 shares during the quarter. Cetera Investment Advisers’ holdings in Tencent Music Entertainment Group were worth $1,185,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at $37,000. Tobam boosted its stake in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares during the period. SageView Advisory Group LLC bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $90,000. iA Global Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 728.9% in the 1st 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 during the period. Finally, Wrapmanager Inc. bought a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at $192,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TME shares. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Bank of America cut their target price 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 Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Benchmark cut their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $12.67.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $12.13 on Thursday. Tencent Music Entertainment Group has a 12-month low of $6.55 and a 12-month high of $15.77. The business has a 50-day simple moving average of $11.22 and a two-hundred day simple moving average of $12.86. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $20.81 billion, a PE ratio of 24.25, a PEG ratio of 0.95 and a beta of 0.66.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1 billion. Analysts anticipate that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

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.