Tencent Music Entertainment Group (NYSE:TME) Sees Unusually-High Trading Volume

Tencent Music Entertainment Group (NYSE:TME) saw unusually-high trading volume on Thursday . Approximately 13,287,311 shares changed hands during mid-day trading, an increase of 54% from the previous session’s volume of 8,642,361 shares.The stock last traded at $12.14 and had previously closed at $11.28.

Analyst Ratings Changes

TME has been the topic of a number of research analyst reports. Benchmark cut their target price 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. Mizuho dropped their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Bank of America dropped their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. 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, Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $15.00 to $13.00 in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.67.

Tencent Music Entertainment Group Price Performance

The business’s fifty day simple moving average is $11.59 and its 200-day simple moving average is $12.66. 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 firm has a market cap of $21.14 billion, a P/E ratio of 28.07, a PEG ratio of 0.76 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The business had revenue of $985.00 million for the quarter, compared to the consensus estimate of $1 billion. As a group, analysts forecast that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the second quarter worth $37,000. Tobam increased its holdings in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares during the period. SageView Advisory Group LLC bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $90,000. Parallel Advisors LLC increased its stake in Tencent Music Entertainment Group by 27.1% in the fourth quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after acquiring an additional 2,328 shares during the last quarter. Finally, iA Global Asset Management Inc. increased 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 acquiring an additional 10,277 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

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.