Stock Traders Buy High Volume of Call Options on Tencent Music Entertainment Group (NYSE:TME)

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Investors acquired 5,152 call options on the stock. This is an increase of approximately 50% compared to the typical volume of 3,426 call options.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Nomura Holdings Inc. increased its stake in Tencent Music Entertainment Group by 454.4% during the 4th quarter. Nomura Holdings Inc. now owns 230,516 shares of the company's stock valued at $2,077,000 after purchasing an additional 188,937 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at approximately $4,633,000. SageView Advisory Group LLC acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at approximately $90,000. Goldman Sachs Group Inc. increased its stake in Tencent Music Entertainment Group by 78.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company's stock valued at $124,986,000 after purchasing an additional 6,088,504 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at approximately $302,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Analysts Set New Price Targets

TME has been the subject of several research reports. CLSA initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They issued an "outperform" rating and a $10.50 price target for the company. The Goldman Sachs Group raised shares of 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. HSBC upped their price target on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a "hold" rating in a research report on Wednesday, March 20th. Redburn Atlantic initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They issued a "buy" rating and a $12.00 price target for the company. Finally, Citigroup raised shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and upped their price target for the stock from $9.00 to $13.00 in a research report on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $11.63.

Tencent Music Entertainment Group Stock Up 1.2 %

NYSE:TME traded up $0.13 during midday trading on Wednesday, reaching $11.42. 6,923,423 shares of the stock traded hands, compared to its average volume of 9,146,313. 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 has a 12-month low of $5.70 and a 12-month high of $11.80. The stock has a market capitalization of $19.59 billion, a PE ratio of 25.61, a price-to-earnings-growth ratio of 0.69 and a beta of 0.81. The business has a 50-day moving average of $10.19 and a two-hundred day moving average of $8.64.

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.