Tencent Music Entertainment Group (NYSE:TME) Shares Up 3.2%

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

Analysts Set New Price Targets

A number of research firms have issued reports on TME. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Benchmark decreased their price target on 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. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Bank of America reduced their target price 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. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.67.

Tencent Music Entertainment Group Stock Up 4.3 %

The stock’s fifty day moving average is $11.45 and its two-hundred day moving average is $12.71. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $21.57 billion, a PE ratio of 26.20, a P/E/G ratio of 0.89 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data 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 firm 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%. As a group, analysts predict that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TME. Cetera Investment Advisers grew its position in shares of Tencent Music Entertainment Group by 10.8% in the second quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after purchasing an additional 8,216 shares in the last quarter. Creative Planning grew its holdings in Tencent Music Entertainment Group by 19.7% during the 2nd quarter. Creative Planning now owns 81,560 shares of the company’s stock valued at $1,146,000 after buying an additional 13,421 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 37.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after buying an additional 1,925,124 shares in the last quarter. SIH Partners LLLP bought a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at about $282,000. Finally, Dorsey Wright & Associates purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter worth about $2,808,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

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.