Tencent Music Entertainment Group (NYSE:TME) Trading 3.2% Higher

Tencent Music Entertainment Group (NYSE:TME)’s share price rose 3.2% on Tuesday . The stock traded as high as $12.47 and last traded at $12.44. Approximately 1,103,952 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 8,782,352 shares. The stock had previously closed at $12.05.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Benchmark dropped 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 note on Wednesday, August 14th. Mizuho lowered their target price 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. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research 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 company. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $12.67.

Tencent Music Entertainment Group Price Performance

The business’s 50-day simple moving average is $11.45 and its 200-day simple moving average is $12.71. The stock has a market cap of $21.57 billion, a PE ratio of 26.20, a PEG ratio of 0.89 and a beta of 0.65. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data 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 firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. On average, research analysts expect that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently modified their holdings of TME. QRG Capital Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 5.7% during the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after purchasing an additional 860 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after purchasing an additional 922 shares in the last quarter. Tobam boosted its stake in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares in the last quarter. Atomi Financial Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 6.1% during the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Tencent Music Entertainment Group by 27.1% during 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 in the last quarter. Hedge funds and other 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.