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

Key Points

• Tencent Music Entertainment Group's stock reached a new 52-week high, trading at $26.70 before closing at $26.37, with significant trading volume of over 1.39 million shares.
• Multiple analysts have issued positive ratings for Tencent Music, with price targets ranging from $27.00 to $29.00 and a consensus rating of "Buy."
• Institutional investors have shown increasing confidence, with major investments made by firms like Nuveen LLC and Norges Bank, highlighting a strong institutional interest in the company.

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $26.70 and last traded at $26.37, with a volume of 1390849 shares changing hands. The stock had previously closed at $25.48.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TME. Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Benchmark upped their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Barclays reiterated an "overweight" rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Price Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a 50-day moving average of $23.58 and a 200-day moving average of $18.33. The stock has a market cap of $43.43 billion, a PE ratio of 27.81 and a beta of 0.54.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its stake in Tencent Music Entertainment Group by 10.6% during the first quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock valued at $5,583,000 after buying an additional 37,108 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Tencent Music Entertainment Group by 15.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company's stock valued at $72,952,000 after purchasing an additional 666,674 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Tencent Music Entertainment Group by 14.1% in the 1st quarter. Cerity Partners LLC now owns 57,140 shares of the company's stock valued at $823,000 after purchasing an additional 7,066 shares during the last quarter. First Hawaiian Bank bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $1,292,000. Finally, Belpointe Asset Management LLC bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $648,000. 24.32% of the stock is 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; 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.