Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up to $10.18

Tencent Music Entertainment Group (NYSE:TME)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $10.18, but opened at $11.51. Tencent Music Entertainment Group shares last traded at $11.50, with a volume of 1,246,130 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TME shares. Bank of America reduced 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 note on Wednesday, August 14th. Mizuho cut their price target 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. Benchmark lowered their price objective on 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. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $12.72.

Tencent Music Entertainment Group Price Performance

The firm has a market cap of $19.98 billion, a P/E ratio of 24.63, a P/E/G ratio of 0.70 and a beta of 0.65. 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 company has a fifty day moving average of $11.72 and a 200-day moving average of $12.66.

Tencent Music Entertainment Group (NYSE:TME) last announced 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 return on equity of 10.11% and a net margin of 20.35%. On average, sell-side analysts anticipate that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at about $37,000. Tobam boosted its position 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 valued at $49,000 after acquiring an additional 957 shares during the period. SageView Advisory Group LLC bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $90,000. Parallel Advisors LLC boosted its holdings in Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after purchasing an additional 2,328 shares during the period. Finally, iA Global Asset Management Inc. grew its position in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after purchasing an additional 10,277 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

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.