Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – Still a Buy?

Tencent Music Entertainment Group (NYSE:TME)’s share price gapped up prior to trading on Friday . The stock had previously closed at $12.76, but opened at $13.50. Tencent Music Entertainment Group shares last traded at $13.31, with a volume of 2,352,025 shares traded.

Analyst Ratings Changes

Several brokerages have recently weighed in on TME. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, January 21st. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Finally, Barclays began coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.04.

Tencent Music Entertainment Group Trading Up 6.8 %

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 stock has a 50 day moving average of $11.64 and a 200 day moving average of $11.55. The firm has a market cap of $23.38 billion, a P/E ratio of 25.23, a PEG ratio of 0.73 and a beta of 0.70.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds have recently bought and sold shares of TME. Bank of Montreal Can lifted its holdings in shares of Tencent Music Entertainment Group by 86.0% in the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after acquiring an additional 84,161 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Tencent Music Entertainment Group by 33.6% in the third quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock worth $23,028,000 after purchasing an additional 480,504 shares during the last quarter. Fiera Capital Corp boosted its position in Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock valued at $5,234,000 after buying an additional 75,991 shares during the period. Principal Financial Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after buying an additional 211,873 shares during the last quarter. Finally, US Bancorp DE increased its holdings in shares of Tencent Music Entertainment Group by 278.6% in the third quarter. US Bancorp DE now owns 101,174 shares of the company’s stock worth $1,219,000 after buying an additional 74,452 shares during the period. Institutional investors own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

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.