Tencent Music Entertainment Group (NYSE:TME) Hits New 12-Month High at $13.66

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $13.66 and last traded at $13.50, with a volume of 1144365 shares trading hands. The stock had previously closed at $13.50.

Analyst Upgrades and Downgrades

Several research firms recently commented on TME. CLSA assumed coverage on Tencent Music Entertainment Group in a research report on Monday, February 5th. They set an "outperform" rating and a $10.50 target price for the company. The Goldman Sachs Group raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price target for the company in a research report on Wednesday, March 20th. Bank of America upped their price target on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a "buy" rating in a research report on Wednesday, March 20th. Morgan Stanley upped their price target on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an "overweight" rating in a research report on Wednesday, March 20th. Finally, UBS Group raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price target for the company in a research report on Wednesday, January 24th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $11.63.

Tencent Music Entertainment Group Trading Up 0.6 %

The stock has a fifty day moving average of $11.34 and a 200 day moving average of $9.60. The company has a market capitalization of $23.30 billion, a P/E ratio of 30.86, a PEG ratio of 0.83 and a beta of 0.77. 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 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. The business had revenue of $971.00 million during 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%. As a group, equities research analysts anticipate that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently modified their holdings of the company. Nordea Investment Management AB lifted its position 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 purchasing an additional 265,093 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at approximately $2,690,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 2,115.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company's stock valued at $2,076,000 after purchasing an additional 220,000 shares during the last quarter. Ballentine Partners LLC boosted its holdings in shares of Tencent Music Entertainment Group by 33.9% in the 4th quarter. Ballentine Partners LLC now owns 15,132 shares of the company's stock worth $136,000 after purchasing an additional 3,835 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Tencent Music Entertainment Group by 14.3% during the 4th quarter. SG Americas Securities LLC now owns 325,588 shares of the company's stock valued at $2,934,000 after purchasing an additional 40,765 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

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