Avior Wealth Management LLC Increases Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Avior Wealth Management LLC increased its holdings in Tencent Music Entertainment Group (NYSE:TME) by 253.8% in the third quarter, Holdings Channel.com reports. The firm owned 5,675 shares of the company’s stock after purchasing an additional 4,071 shares during the period. Avior Wealth Management LLC’s holdings in Tencent Music Entertainment Group were worth $68,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the second quarter valued at about $37,000. Tobam lifted its stake in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares in the last quarter. iA Global Asset Management Inc. lifted 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 worth $131,000 after purchasing an additional 10,277 shares in the last quarter. Caprock Group LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $147,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $166,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Mizuho cut their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Bank of America cut 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 note on Wednesday, August 14th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $11.53 on Monday. Tencent Music Entertainment Group has a one year low of $7.93 and a one year high of $15.77. The stock has a fifty day moving average of $11.62 and a 200-day moving average of $12.73. The company has a market capitalization of $19.79 billion, a PE ratio of 21.35, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

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.