Tencent Music Entertainment Group (NYSE:TME) Reaches New 12-Month High at $12.93

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $12.93 and last traded at $12.68, with a volume of 613444 shares traded. The stock had previously closed at $12.88.

Wall Street Analyst Weigh In

TME has been the subject of a number of recent analyst reports. Bank of America upped their price objective on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. CLSA initiated coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued an "outperform" rating and a $10.50 price objective for the company. HSBC upped their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a "hold" rating in a research note on Wednesday, March 20th. UBS Group raised 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 note on Wednesday, January 24th. Finally, The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 target price on the stock in a research report on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $11.63.

Tencent Music Entertainment Group Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The business has a 50-day simple moving average of $11.06 and a 200-day simple moving average of $9.38. The firm has a market capitalization of $22.14 billion, a PE ratio of 29.32, a P/E/G ratio of 0.79 and a beta of 0.81.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 earnings per share (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 the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. Equities research analysts expect that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Janiczek Wealth Management LLC grew its stake in shares of Tencent Music Entertainment Group by 8.6% during the fourth quarter. Janiczek Wealth Management LLC now owns 16,559 shares of the company's stock valued at $149,000 after buying an additional 1,311 shares during the last quarter. Signaturefd LLC grew its stake in shares of Tencent Music Entertainment Group by 5.1% during the fourth quarter. Signaturefd LLC now owns 33,465 shares of the company's stock valued at $302,000 after buying an additional 1,628 shares during the last quarter. Cigna Investments Inc. New grew its stake in Tencent Music Entertainment Group by 13.6% in the fourth quarter. Cigna Investments Inc. New now owns 15,186 shares of the company's stock worth $137,000 after purchasing an additional 1,817 shares in the last quarter. Lindbrook Capital LLC grew its stake in Tencent Music Entertainment Group by 40.9% in the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company's stock worth $63,000 after purchasing an additional 2,044 shares in the last quarter. Finally, Advisor Partners II LLC grew its stake in Tencent Music Entertainment Group by 19.5% in the third quarter. Advisor Partners II LLC now owns 13,529 shares of the company's stock worth $86,000 after purchasing an additional 2,207 shares in the last quarter. 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.