Calamos Wealth Management LLC Takes $2.55 Million Position in Tencent Music Entertainment Group Sponsored ADR $TME

Calamos Wealth Management LLC acquired a new position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 109,101 shares of the company’s stock, valued at approximately $2,546,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Banque Transatlantique SA purchased a new position in Tencent Music Entertainment Group in the 1st quarter worth approximately $46,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after buying an additional 1,363 shares in the last quarter. MAI Capital Management bought a new position in shares of Tencent Music Entertainment Group during the second quarter worth $73,000. iA Global Asset Management Inc. purchased a new position in Tencent Music Entertainment Group during the second quarter valued at $131,000. Finally, Farther Finance Advisors LLC increased its holdings in Tencent Music Entertainment Group by 424.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 7,159 shares of the company’s stock valued at $167,000 after acquiring an additional 5,793 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have 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 price objective for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Barclays increased their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $17.68 on Wednesday. The stock has a market cap of $30.33 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. The stock has a 50 day moving average price of $19.47 and a 200-day moving average price of $21.48. Tencent Music Entertainment Group Sponsored ADR has a one year low of $10.26 and a one year high of $26.70.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.