Tencent Music Entertainment Group (NYSE:TME) Trading Up 4.4% - Here's Why

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) shares shot up 4.4% during trading on Monday . The company traded as high as $20.19 and last traded at $20.31. 1,066,150 shares were traded during mid-day trading, a decline of 87% from the average session volume of 8,114,875 shares. The stock had previously closed at $19.46.

Analysts Set New Price Targets

A number of research firms have commented on TME. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Mizuho upped their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Finally, Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $16.60.

Tencent Music Entertainment Group Stock Up 3.7%

The stock has a market cap of $35.68 billion, a PE ratio of 24.75 and a beta of 0.55. The firm has a fifty day moving average of $17.24 and a 200 day moving average of $14.15. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after purchasing an additional 1,094 shares during the last quarter. BNP Paribas grew its holdings in shares of Tencent Music Entertainment Group by 2.0% during the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after purchasing an additional 1,131 shares during the last quarter. Corient Private Wealth LLC grew its holdings in shares of Tencent Music Entertainment Group by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock worth $383,000 after purchasing an additional 1,370 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Tencent Music Entertainment Group by 5.7% during the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock worth $415,000 after purchasing an additional 1,981 shares during the last quarter. Finally, Ballentine Partners LLC grew its holdings in shares of Tencent Music Entertainment Group by 10.6% during the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock worth $303,000 after buying an additional 2,019 shares during the last quarter. Hedge funds and other institutional investors 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.