Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report)'s stock price traded down 3.5% during mid-day trading on Friday . The company traded as low as $24.65 and last traded at $24.73. 437,832 shares were traded during mid-day trading, a decline of 94% from the average session volume of 7,282,937 shares. The stock had previously closed at $25.62.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Zacks Research upgraded Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Barclays restated an "overweight" rating and issued a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Citigroup restated a "buy" rating and issued a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Finally, Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $24.47.
Read Our Latest Report on TME
Tencent Music Entertainment Group Trading Up 2.0%
The firm has a fifty day simple moving average of $23.35 and a two-hundred day simple moving average of $18.18. The stock has a market cap of $44.61 billion, a PE ratio of 28.68 and a beta of 0.54. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.
Institutional Trading of Tencent Music Entertainment Group
Several institutional investors and hedge funds have recently modified their holdings of TME. Quantinno Capital Management LP raised its holdings in shares of Tencent Music Entertainment Group by 31.9% in the 4th quarter. Quantinno Capital Management LP now owns 29,113 shares of the company's stock valued at $330,000 after acquiring an additional 7,033 shares in the last quarter. Toronto Dominion Bank bought a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $286,000. Vident Advisory LLC increased its position in shares of Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after purchasing an additional 3,538 shares during the last quarter. Vise Technologies Inc. bought a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $169,000. Finally, Burgundy Asset Management Ltd. increased its position in shares of Tencent Music Entertainment Group by 30.3% during the 4th quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company's stock valued at $476,000 after purchasing an additional 9,755 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.
Tencent Music Entertainment Group Company Profile
(
Get Free Report)
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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