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 share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $26.70 and last traded at $26.37, with a volume of 1390849 shares traded. The stock had previously closed at $25.48.

Analyst Ratings Changes

TME has been the topic of a number of analyst reports. Benchmark lifted their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, Citigroup reissued a "buy" rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group Stock Performance

The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The company's 50-day moving average is $23.68 and its two-hundred day moving average is $18.45. The company has a market capitalization of $43.09 billion, a P/E ratio of 27.59 and a beta of 0.54.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TME. Nuveen LLC bought a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $85,498,000. Norges Bank bought a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $110,813,000. Mirae Asset Global Investments Co. Ltd. grew its position in Tencent Music Entertainment Group by 3,382.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock valued at $64,579,000 after acquiring an additional 4,352,834 shares during the last quarter. Krane Funds Advisors LLC boosted its stake in shares of Tencent Music Entertainment Group by 20.8% during the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after purchasing an additional 4,128,678 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company's stock valued at $380,085,000 after purchasing an additional 4,071,323 shares during the period. 24.32% of the stock is currently owned by institutional investors.

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.