Cetera Investment Advisers Makes New Investment in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Cetera Investment Advisers acquired a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 69,965 shares of the company's stock, valued at approximately $1,008,000.

Other large investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Tencent Music Entertainment Group by 3,382.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after buying an additional 4,352,834 shares during the last quarter. Krane Funds Advisors LLC boosted its stake in Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after buying an additional 4,128,678 shares during the last quarter. FMR LLC boosted its stake in Tencent Music Entertainment Group by 64.7% in the 4th quarter. FMR LLC now owns 9,831,895 shares of the company's stock worth $111,592,000 after buying an additional 3,861,122 shares during the last quarter. Marathon Asset Management Ltd acquired a new stake in Tencent Music Entertainment Group in the 1st quarter worth about $47,215,000. Finally, Northern Trust Corp lifted its stake in shares of Tencent Music Entertainment Group by 242.2% in the 4th quarter. Northern Trust Corp now owns 3,682,994 shares of the company's stock valued at $41,802,000 after purchasing an additional 2,606,781 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Down 0.2%

Shares of NYSE:TME traded down $0.05 during mid-day trading on Thursday, hitting $25.55. 10,218,926 shares of the company traded hands, compared to its average volume of 6,378,803. The firm has a market cap of $43.85 billion, a P/E ratio of 34.60 and a beta of 0.50. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.83 and a current ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $26.54. The firm's 50 day simple moving average is $20.30 and its 200 day simple moving average is $16.05.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TME shares. Wall Street Zen lowered Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Monday. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Wednesday. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday. Finally, Barclays reiterated an "overweight" rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $23.29.

About Tencent Music Entertainment Group

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.