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

Tencent Music Entertainment Group (NYSE:TME)’s share price shot up 4.1% on Monday . The stock traded as high as $10.66 and last traded at $10.66. 4,156,608 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 8,452,019 shares. The stock had previously closed at $10.24.

Analyst Ratings Changes

A number of equities research analysts have commented on TME shares. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Bank of America decreased their target price on 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. Mizuho dropped their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 14th. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.72.

Tencent Music Entertainment Group Trading Up 4.5 %

The stock has a market cap of $18.36 billion, a P/E ratio of 23.26, a P/E/G ratio of 0.76 and a beta of 0.68. 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 stock’s fifty day moving average is $13.59 and its 200 day moving average is $12.66.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several institutional investors have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at $37,000. Tobam increased its position in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. SageView Advisory Group LLC purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $90,000. Parallel Advisors LLC lifted its holdings 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 worth $98,000 after acquiring an additional 2,328 shares during the last quarter. Finally, iA Global Asset Management Inc. boosted its stake in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares during the period. 24.32% of the stock is owned by 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.