Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down to $11.85

Tencent Music Entertainment Group (NYSE:TME)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $11.85, but opened at $11.37. Tencent Music Entertainment Group shares last traded at $11.35, with a volume of 2,174,399 shares changing hands.

Analysts Set New Price Targets

TME has been the subject of several analyst reports. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Bank of America decreased their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Mizuho dropped 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 note on Wednesday, August 14th. Finally, 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 report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $12.72.

Tencent Music Entertainment Group Price Performance

The stock has a market capitalization of $19.72 billion, a price-to-earnings ratio of 25.76, a price-to-earnings-growth ratio of 0.76 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 50-day simple moving average of $11.66 and a two-hundred day simple moving average of $12.67.

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

Institutional Investors Weigh In On Tencent Music Entertainment Group

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

Tencent Music Entertainment Group Company Profile

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.