Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 4.1% - Here's What Happened

Key Points

• Tencent Music Entertainment Group's stock dropped 4.1% to $25.28 during mid-day trading, with an increased trading volume of approximately 7.9 million shares.
• Analysts are generally optimistic, with multiple upgrades to the stock, including a "buy" rating from Wall Street Zen and a target price of $29.80 set by Macquarie.
• Institutional investors have increased their stakes in Tencent Music, reflecting growing confidence, as about 24.32% of the company's stock is held by these investors.

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report)'s stock price traded down 4.1% during mid-day trading on Thursday . The company traded as low as $25.28 and last traded at $25.28. 7,896,358 shares were traded during trading, an increase of 9% from the average session volume of 7,267,173 shares. The stock had previously closed at $26.36.

Wall Street Analyst Weigh In

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

Tencent Music Entertainment Group Stock Performance

The stock has a market cap of $41.76 billion, a PE ratio of 33.93 and a beta of 0.54. The stock has a fifty day simple moving average of $23.68 and a two-hundred day simple moving average of $18.48. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors have recently made changes to their positions in the business. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $34,000. Banque Transatlantique SA acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $46,000. EverSource Wealth Advisors LLC raised its position in shares of 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 valued at $59,000 after purchasing an additional 1,363 shares in the last quarter. Brooklyn Investment Group raised its position in shares of Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after purchasing an additional 4,307 shares in the last quarter. Finally, MAI Capital Management acquired a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $73,000. 24.32% of the stock is owned by institutional investors and hedge funds.

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.