Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down to $13.73

Tencent Music Entertainment Group (NYSE:TME)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $13.73, but opened at $12.93. Tencent Music Entertainment Group shares last traded at $13.35, with a volume of 1,374,395 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TME shares. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Bank of America lowered their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Mizuho cut their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company 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 reduced their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.67.

Tencent Music Entertainment Group Price Performance

The business’s fifty day moving average price is $11.38 and its 200 day moving average price is $12.74. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market cap of $23.34 billion, a P/E ratio of 29.83, a PEG ratio of 0.89 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.01). The company 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 forecast that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds have recently made changes to their positions in TME. Cetera Investment Advisers raised its holdings in Tencent Music Entertainment Group by 10.8% in the 2nd quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after buying an additional 8,216 shares during the last quarter. Creative Planning raised its stake in shares of Tencent Music Entertainment Group by 19.7% during the second quarter. Creative Planning now owns 81,560 shares of the company’s stock valued at $1,146,000 after acquiring an additional 13,421 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after purchasing an additional 1,925,124 shares during the period. SIH Partners LLLP acquired a new position in shares of Tencent Music Entertainment Group during the second quarter worth $282,000. Finally, Dorsey Wright & Associates bought a new stake in shares of Tencent Music Entertainment Group in the second quarter worth $2,808,000. 24.32% of the stock is 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.