Avior Wealth Management LLC Grows Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Avior Wealth Management LLC lifted its stake in Tencent Music Entertainment Group (NYSE:TME) by 253.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC acquired a new stake in Tencent Music Entertainment Group in the second quarter valued at $37,000. Tobam raised its stake in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares in the last quarter. iA Global Asset Management Inc. raised its stake in Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group in the third quarter valued at $147,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of Tencent Music Entertainment Group during the third quarter worth about $166,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Up 0.1 %

Shares of TME stock opened at $11.53 on Monday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $11.62 and its two-hundred day moving average is $12.73. The company has a market capitalization of $19.79 billion, a P/E ratio of 21.35, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67. Tencent Music Entertainment Group has a twelve month low of $7.93 and a twelve month high of $15.77.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Benchmark dropped their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Finally, Barclays initiated coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Company 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.