Cetera Investment Advisers Has $783,000 Position in Tencent Music Entertainment Group Sponsored ADR $TME

Cetera Investment Advisers trimmed its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 42.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,193 shares of the company’s stock after selling 29,772 shares during the quarter. Cetera Investment Advisers’ holdings in Tencent Music Entertainment Group were worth $783,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at about $85,498,000. JPMorgan Chase & Co. increased its position in Tencent Music Entertainment Group by 31.1% during the first quarter. JPMorgan Chase & Co. now owns 15,430,218 shares of the company’s stock worth $222,349,000 after acquiring an additional 3,656,695 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in Tencent Music Entertainment Group by 1,847.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,935,048 shares of the company’s stock worth $37,714,000 after purchasing an additional 1,835,687 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Tencent Music Entertainment Group by 419.7% in the 1st quarter. Wellington Management Group LLP now owns 1,948,415 shares of the company’s stock valued at $28,077,000 after purchasing an additional 1,573,531 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in Tencent Music Entertainment Group by 2,928.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after purchasing an additional 1,469,278 shares during the period. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 0.7%

Shares of TME opened at $18.59 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.26 and a 52-week high of $26.70. The firm has a market cap of $31.90 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.34 and a beta of 0.47. The business’s fifty day moving average is $21.19 and its 200-day moving average is $21.41.

Analyst Ratings Changes

Several research analysts have recently commented on TME shares. Bank of America began coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Wednesday, August 13th. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Citigroup restated a “buy” rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus price target of $24.29.

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.