Tencent Music Entertainment Group – (NYSE:TME) shot up 6.3% during mid-day trading on Thursday . The stock traded as high as $13.39 and last traded at $13.28, 13,373,634 shares changed hands during trading. An increase of 50% from the average session volume of 8,889,175 shares. The stock had previously closed at $12.49.
Several research firms have issued reports on TME. KeyCorp cut their price objective on Tencent Music Entertainment Group from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. New Street Research began coverage on Tencent Music Entertainment Group in a report on Friday, October 18th. They set a “buy” rating and a $16.00 price objective on the stock. China Renaissance Securities upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Tuesday, October 8th. Zacks Investment Research downgraded Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. Finally, UBS Group upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $16.36.
The company has a market cap of $21.69 billion and a price-to-earnings ratio of 67.45. The business has a fifty day moving average price of $12.18 and a two-hundred day moving average price of $13.46.
Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Monday, November 11th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.66. The company had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.43 billion. Tencent Music Entertainment Group had a return on equity of 6.11% and a net margin of 8.77%. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. On average, analysts anticipate that Tencent Music Entertainment Group – will post 0.36 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its holdings in Tencent Music Entertainment Group by 4,995.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 58,749,764 shares of the company’s stock worth $880,659,000 after buying an additional 57,596,675 shares during the last quarter. Matthews International Capital Management LLC increased its holdings in Tencent Music Entertainment Group by 188.4% in the third quarter. Matthews International Capital Management LLC now owns 5,256,200 shares of the company’s stock worth $67,122,000 after buying an additional 3,433,435 shares during the last quarter. Morgan Stanley increased its holdings in Tencent Music Entertainment Group by 147.6% in the second quarter. Morgan Stanley now owns 5,092,556 shares of the company’s stock worth $76,338,000 after buying an additional 3,035,825 shares during the last quarter. BlackRock Inc. increased its holdings in Tencent Music Entertainment Group by 5.8% in the second quarter. BlackRock Inc. now owns 4,400,066 shares of the company’s stock worth $65,957,000 after buying an additional 242,472 shares during the last quarter. Finally, ICONIQ Capital LLC increased its holdings in Tencent Music Entertainment Group by 257.7% in the second quarter. ICONIQ Capital LLC now owns 4,292,783 shares of the company’s stock worth $194,291,000 after buying an additional 3,092,783 shares during the last quarter. Hedge funds and other institutional investors own 12.83% of the company’s stock.
Tencent Music Entertainment Group Company Profile (NYSE:TME)
Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.
