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

Tencent Music Entertainment Group (NYSE:TME) shot up 4.1% during trading 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.

Analysts Set New Price Targets

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

Tencent Music Entertainment Group Price Performance

The company has a 50 day moving average price of $13.59 and a 200 day moving average price of $12.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market cap of $18.36 billion, a PE ratio of 23.26, a PEG ratio of 0.76 and a beta of 0.68.

Hedge Funds Weigh In On Tencent Music Entertainment Group

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