Tencent Music Entertainment Group (NYSE:TME) Sets New 52-Week High at $12.06

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $12.06 and last traded at $11.91, with a volume of 2140931 shares trading hands. The stock had previously closed at $11.76.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TME shares. The Goldman Sachs Group upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 target price for the company in a research note on Wednesday, March 20th. Redburn Atlantic started 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 target price for the company. Benchmark boosted their target price on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, March 20th. Citigroup upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and boosted their target price for the company from $9.00 to $13.00 in a research note on Wednesday, March 20th. Finally, Mizuho boosted their target price on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a "buy" rating in a research note on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.63.

Tencent Music Entertainment Group Trading Up 4.8 %

The stock has a fifty day moving average of $10.86 and a 200 day moving average of $9.21. The company has a market capitalization of $21.16 billion, a P/E ratio of 28.02, a PEG ratio of 0.70 and a beta of 0.81. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. The business had revenue of $971.00 million for the quarter, compared to analysts' expectations of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. As a group, equities research analysts anticipate that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Nordea Investment Management AB raised its holdings in 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 valued at $11,735,000 after acquiring an additional 265,093 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in Tencent Music Entertainment Group by 2,115.4% during 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 during the period. Ballentine Partners LLC raised its holdings in 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 acquiring an additional 3,835 shares during the period. Vontobel Holding Ltd. raised its holdings in Tencent Music Entertainment Group by 349.4% during the third quarter. Vontobel Holding Ltd. now owns 48,425 shares of the company's stock valued at $309,000 after acquiring an additional 37,649 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Tencent Music Entertainment Group by 14.3% during the fourth quarter. SG Americas Securities LLC now owns 325,588 shares of the company's stock valued at $2,934,000 after acquiring an additional 40,765 shares during the period. 24.32% of the stock is owned by institutional investors.

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