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

Tencent Music Entertainment Group (NYSE:TME) 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.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Mizuho reduced their price objective on 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 lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America decreased their price target 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. Finally, Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $12.72.

Tencent Music Entertainment Group Stock Performance

The firm has a market cap of $19.98 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 0.70 and a beta of 0.65. The stock’s 50 day moving average is $11.72 and its 200 day moving average is $12.66. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The company had revenue of $985.00 million for 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%. Analysts anticipate that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Institutional Trading of Tencent Music Entertainment Group

Several large investors have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $37,000. Tobam raised its position in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares during the last quarter. SageView Advisory Group LLC acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth about $90,000. Parallel Advisors LLC grew 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 buying an additional 2,328 shares during the last quarter. Finally, iA Global Asset Management Inc. increased its stake in shares of Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

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.