Tencent Music Entertainment Group (NYSE:TME) Trading Up 5%

Tencent Music Entertainment Group (NYSE:TME) shares were up 5% on Monday . The stock traded as high as $10.41 and last traded at $10.35. Approximately 2,536,282 shares traded hands during trading, a decline of 70% from the average daily volume of 8,416,345 shares. The stock had previously closed at $9.86.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Mizuho decreased their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Bank of America dropped 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. Benchmark cut their price objective on shares of 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. Finally, Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Tencent Music Entertainment Group presently 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 $17.56 billion, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 0.70 and a beta of 0.65. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company’s fifty day moving average is $11.82 and its two-hundred day moving average is $12.67.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share 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 analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. Equities research analysts forecast that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors and hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. grew its holdings in Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after buying 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 worth $1,403,000 after acquiring an additional 922 shares in the last quarter. Tobam raised its position in shares of Tencent Music Entertainment Group by 37.7% during 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. Atomi Financial Group Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 6.1% during the second 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 during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of 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. 24.32% of the stock is currently owned by hedge funds and other 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.