Tencent Music Entertainment Group (NYSE:TME) Shares Down 1.8%

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was down 1.8% during mid-day trading on Friday . The company traded as low as $11.32 and last traded at $11.37. Approximately 435,666 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 8,562,364 shares. The stock had previously closed at $11.58.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TME shares. The Goldman Sachs Group raised 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. Benchmark raised 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. UBS Group raised shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 target price for the company in a research note on Wednesday, January 24th. Redburn Atlantic started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a "buy" rating and a $12.00 target price for the company. Finally, Morgan Stanley raised their target price on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an "overweight" rating in a research note on Wednesday, March 20th. Two 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 stock currently has an average rating of "Moderate Buy" and an average target price of $11.63.

Tencent Music Entertainment Group Stock Performance

The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock has a market cap of $19.49 billion, a price-to-earnings ratio of 25.82, a P/E/G ratio of 0.69 and a beta of 0.81. The company has a 50 day simple moving average of $10.76 and a 200 day simple moving average of $9.09.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.12 by $0.01. The firm 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 9.68% and a net margin of 17.71%. As a group, equities research analysts forecast that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $105,328,000. Aspex Management HK Ltd bought a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $81,542,000. Hsbc Holdings PLC boosted its holdings in Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company's stock valued at $91,012,000 after acquiring an additional 7,094,511 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Tencent Music Entertainment Group by 78.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company's stock valued at $124,986,000 after acquiring an additional 6,088,504 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Tencent Music Entertainment Group by 436.7% in the first quarter. Federated Hermes Inc. now owns 6,735,840 shares of the company's stock valued at $32,804,000 after acquiring an additional 5,480,718 shares during the last quarter. 24.32% of the stock is currently owned by 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.