Tencent Music Entertainment Group (NYSE:TME) Sets New 52-Week High at $13.66

Tencent Music Entertainment Group (NYSE:TME) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $13.66 and last traded at $13.50, with a volume of 1144365 shares changing hands. The stock had previously closed at $13.50.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TME shares. Redburn Atlantic began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a “buy” rating and a $12.00 price objective for the company. Morgan Stanley upped their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective for the company in a research report on Wednesday, January 24th. HSBC upped their target price on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a report on Wednesday, March 20th. Finally, Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Tencent Music Entertainment Group Stock Down 1.7 %

The firm has a 50-day moving average of $11.40 and a two-hundred day moving average of $9.65. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $22.88 billion, a PE ratio of 30.31, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. The business had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. On average, equities research analysts forecast that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently made changes to their positions in TME. Nordea Investment Management AB lifted its stake in shares of Tencent Music Entertainment Group by 25.1% during the fourth quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock worth $11,735,000 after purchasing an additional 265,093 shares in the last quarter. Federated Hermes Inc. purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $2,690,000. China Universal Asset Management Co. Ltd. grew its position in Tencent Music Entertainment Group by 2,115.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company’s stock valued at $2,076,000 after acquiring an additional 220,000 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of Tencent Music Entertainment Group by 33.9% during the fourth quarter. Ballentine Partners LLC now owns 15,132 shares of the company’s stock valued at $136,000 after purchasing an additional 3,835 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Tencent Music Entertainment Group by 14.3% during the 4th quarter. SG Americas Securities LLC now owns 325,588 shares of the company’s stock valued at $2,934,000 after purchasing an additional 40,765 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.