Tencent Music Entertainment Group (NYSE:TME) Shares Down 4.1%

Tencent Music Entertainment Group (NYSE:TME)’s stock price fell 4.1% during trading on Thursday . The company traded as low as $7.54 and last traded at $7.56. 179,053 shares traded hands during trading, a decline of 99% from the average session volume of 22,215,230 shares. The stock had previously closed at $7.88.

Several brokerages recently issued reports on TME. JPMorgan Chase & Co. cut shares of Tencent Music Entertainment Group from an “overweight” rating to a “neutral” rating in a report on Wednesday, August 11th. TheStreet downgraded shares of Tencent Music Entertainment Group from a “c-” rating to a “d+” rating in a research report on Thursday, August 12th. Macquarie downgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $11.30 to $5.10 in a report on Tuesday, August 17th. Needham & Company LLC dropped their price objective on shares of Tencent Music Entertainment Group from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, August 19th. Finally, Jefferies Financial Group dropped their price target on shares of Tencent Music Entertainment Group from $36.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, August 17th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.01.

The business’s fifty day moving average price is $8.31 and its 200 day moving average price is $13.02. The firm has a market capitalization of $12.56 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 4.58 and a beta of 1.01. The company has a current ratio of 2.88, a quick ratio of 2.87 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Sunday, August 15th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.08 by $0.58. The company had revenue of $8.01 billion for the quarter, compared to analyst estimates of $8.10 billion. Tencent Music Entertainment Group had a net margin of 12.83% and a return on equity of 8.68%. The business’s revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. As a group, sell-side analysts forecast that Tencent Music Entertainment Group will post 0.28 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in TME. Lindbrook Capital LLC increased its position in Tencent Music Entertainment Group by 281.1% in the second quarter. Lindbrook Capital LLC now owns 2,317 shares of the company’s stock worth $36,000 after buying an additional 1,709 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Tencent Music Entertainment Group by 113.6% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,320 shares of the company’s stock worth $36,000 after purchasing an additional 1,234 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $38,000. Steward Partners Investment Advisory LLC acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $39,000. Finally, Advisory Services Network LLC acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $40,000. 27.81% of the stock is owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group (NYSE:TME)

Tencent Music Entertainment Group engages in the operation of an online music entertainment platform. Its platform comprises of online music, online karaoke, and music-centric live streaming products. The company was founded on June 6, 2012 and is headquartered in Beijing, China.

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