Tencent Music Entertainment Group (NYSE:TME) Reaches New 12-Month Low - What's Next?

Key Points

• Tencent Music shares hit a new 52-week low, falling to $7.77 and last trading near $7.79, below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leans toward caution: the consensus rating is “Hold” from 13 analysts, with an average price target of $17.21. Recent targets range from $9.30 to $15.00.
• The company reported quarterly revenue of $1.31 billion and earnings per share of $0.25, with a 26.27% net margin; institutional investors own 24.32% of its stock.

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) shares reached a new 52-week low on Thursday . The company traded as low as $7.77 and last traded at $7.7850, with a volume of 3721045 shares trading hands. The stock had previously closed at $7.82.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on TME shares. Nomura set a $10.00 target price on shares of Tencent Music Entertainment Group and gave the company a "neutral" rating in a research note on Thursday, August 13th. China Renaissance lowered shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating and set a $9.30 price objective for the company. in a research report on Wednesday, August 12th. UBS Group set a $15.00 price objective on shares of Tencent Music Entertainment Group in a research note on Wednesday, August 12th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, July 1st. Finally, Mizuho decreased their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $17.21.

Tencent Music Entertainment Group Stock Down 0.4%

The company has a market cap of $12.25 billion, a PE ratio of 9.61, a price-to-earnings-growth ratio of 1.38 and a beta of 0.85. The company has a fifty day moving average of $8.80 and a two-hundred day moving average of $9.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.74 and a current ratio of 1.74.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. The business had revenue of $1.31 billion for the quarter. As a group, analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.87 earnings per share for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors have recently added to or reduced their stakes in TME. Goldman Sachs Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 7.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company's stock valued at $137,843,000 after purchasing an additional 537,047 shares during the period. Krane Funds Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 5.4% during the fourth quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company's stock worth $351,427,000 after acquiring an additional 1,026,551 shares during the period. Geode Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,831,308 shares of the company's stock valued at $66,568,000 after acquiring an additional 218,949 shares in the last quarter. Green Court Capital Management Ltd boosted its holdings in shares of Tencent Music Entertainment Group by 467.2% in the fourth quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company's stock valued at $108,729,000 after purchasing an additional 4,854,084 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in Tencent Music Entertainment Group by 26.5% in the fourth quarter. BNP Paribas Financial Markets now owns 2,320,609 shares of the company's stock worth $40,680,000 after purchasing an additional 486,682 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group is a China-based online music and audio entertainment company. It operates digital music platforms including QQ Music, Kugou Music and Kuwo Music, which provide users with licensed songs, albums, music videos, playlists, podcasts and other audio content. The company also operates WeSing, a social karaoke service that allows users to sing, record and share performances.

The company generates revenue through music subscriptions, digital advertising, content sales, and social entertainment services such as virtual gifts, live streaming and karaoke-related offerings.

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