Tencent Music Entertainment Group (NYSE:TME) Reaches New 52-Week Low - What's Next?

Key Points

• Tencent Music Entertainment Group shares hit a new 52-week low, trading as low as $7.93 and closing around $7.91, below both its 50-day and 200-day moving averages.
• Analysts maintain a consensus “Hold” rating, with an average price target of $17.21; recent targets ranged from $10 at JPMorgan to $15 at UBS and Mizuho.
• The company reported quarterly revenue of $1.31 billion and earnings of $0.25 per share, with a 26.27% net margin. Institutional investors and hedge funds own approximately 24.32% of the stock.

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report)'s stock price hit a new 52-week low on Wednesday . The stock traded as low as $7.93 and last traded at $7.9050, with a volume of 393483 shares traded. The stock had previously closed at $8.06.

Analyst Upgrades and Downgrades

TME has been the subject of a number of recent research reports. UBS Group set a $15.00 price target 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 research report on Wednesday, July 1st. Zacks Research upgraded Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. dropped their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Finally, Mizuho cut their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $17.21.

Tencent Music Entertainment Group Stock Down 1.6%

The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.13. The firm's fifty day moving average price is $8.89 and its 200-day moving average price is $9.77. The company has a market cap of $12.49 billion, a price-to-earnings ratio of 9.81, a price-to-earnings-growth ratio of 1.45 and a beta of 0.85.

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

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently bought and sold shares of TME. Allworth Financial LP boosted its holdings in shares of Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company's stock valued at $35,000 after buying an additional 573 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of Tencent Music Entertainment Group by 5,777.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company's stock worth $36,000 after acquiring an additional 2,022 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Tencent Music Entertainment Group by 61.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company's stock worth $37,000 after acquiring an additional 807 shares during the period. Kestra Advisory Services LLC bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock worth $59,000 after purchasing an additional 1,363 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group NYSE: TME is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent's music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.

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