Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down to $14.80

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $14.80, but opened at $14.44. Tencent Music Entertainment Group shares last traded at $14.65, with a volume of 1,432,146 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms recently commented on TME. UBS Group upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price target on the stock in a report on Wednesday, January 24th. Mizuho increased their price target on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the company a "buy" rating in a report on Friday. Redburn Atlantic began coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a "buy" rating and a $12.00 price objective on the stock. Bank of America increased their target price on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a "buy" rating in a research note on Wednesday, March 20th. Finally, The Goldman Sachs Group raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price target on the stock in a research report on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and a consensus target price of $12.17.

Tencent Music Entertainment Group Price Performance

The business has a fifty day moving average of $11.67 and a 200-day moving average of $9.84. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49. The firm has a market capitalization of $25.16 billion, a P/E ratio of 33.32, a price-to-earnings-growth ratio of 0.82 and a beta of 0.77.

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 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 net margin of 17.71% and a return on equity of 9.67%. On average, sell-side analysts forecast that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Large investors have recently made changes to their positions in the business. CANADA LIFE ASSURANCE Co lifted its stake in Tencent Music Entertainment Group by 39.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 752,474 shares of the company's stock valued at $8,416,000 after purchasing an additional 214,500 shares during the last quarter. Thornburg Investment Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth $10,910,000. O Shaughnessy Asset Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 39.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 36,868 shares of the company's stock worth $413,000 after acquiring an additional 10,419 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Tencent Music Entertainment Group by 180,800.0% during the first quarter. Acadian Asset Management LLC now owns 23,517 shares of the company's stock worth $262,000 after purchasing an additional 23,504 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company's stock valued at $280,395,000 after purchasing an additional 84,131 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.