Tencent Music Entertainment Group (NYSE:TME) Hits New 52-Week High - Here's What Happened

Key Points

• Tencent Music Entertainment Group shares reached a new 52-week high of $22.79, with significant trading volume of 4,065,769 shares.
• Analysts have mixed sentiments on the stock, with Morgan Stanley maintaining an "overweight" rating while Wall Street Zen downgraded it to "hold"; the consensus rating remains a "Moderate Buy" with an average price target of $16.60.
• Institutional investors increased their stakes in Tencent Music, with a notable 957.1% increase in holdings by Brooklyn Investment Group during the first quarter.

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $22.77 and last traded at $22.79, with a volume of 4065769 shares traded. The stock had previously closed at $22.13.

Wall Street Analysts Forecast Growth

Several analysts have commented on TME shares. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Wall Street Zen cut shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research report on Monday. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Finally, Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Trading Up 2.7%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. The company's fifty day simple moving average is $19.87 and its 200-day simple moving average is $15.84. The company has a market capitalization of $39.01 billion, a P/E ratio of 27.06 and a beta of 0.50.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter worth approximately $34,000. Banque Transatlantique SA acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $46,000. Brooklyn Investment Group lifted its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after purchasing an additional 4,307 shares during the period. iA Global Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the second quarter worth $131,000. Finally, Vise Technologies Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $169,000. Institutional investors and hedge funds 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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.

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