Tencent Music Entertainment Group (NYSE:TME) Stock Price Up 5%

Tencent Music Entertainment Group (NYSE:TME)’s stock price rose 5% during trading on Monday . The stock traded as high as $10.41 and last traded at $10.35. Approximately 2,536,282 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 8,416,345 shares. The stock had previously closed at $9.86.

Analyst Ratings Changes

Several research firms have weighed in on TME. Bank of America lowered their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Benchmark reduced their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Mizuho lowered their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.72.

Tencent Music Entertainment Group Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market cap of $17.56 billion, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 0.70 and a beta of 0.65. The firm’s 50 day moving average is $11.82 and its 200-day moving average is $12.67.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.01). The business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. Sell-side analysts anticipate that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TME. Janney Montgomery Scott LLC bought a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth about $445,000. Hsbc Holdings PLC increased its position in Tencent Music Entertainment Group by 234.7% during the 4th quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock worth $91,012,000 after buying an additional 7,094,511 shares during the period. Parallel Advisors LLC increased its stake in Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after acquiring an additional 2,328 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Tencent Music Entertainment Group by 38.4% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 444,760 shares of the company’s stock worth $4,007,000 after acquiring an additional 123,300 shares during the period. Finally, Allianz Asset Management GmbH grew its position in Tencent Music Entertainment Group by 0.5% in the fourth quarter. Allianz Asset Management GmbH now owns 2,375,730 shares of the company’s stock valued at $21,405,000 after acquiring an additional 12,898 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.