Tencent Music Entertainment Group (NYSE:TME) Shares Down 1.8%

Shares of Tencent Music Entertainment Group (NYSE:TME) dropped 1.8% during trading on Friday . The company traded as low as $11.32 and last traded at $11.37. Approximately 435,666 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 8,562,364 shares. The stock had previously closed at $11.58.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TME shares. Benchmark increased their price objective on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. UBS Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research note on Wednesday, January 24th. Morgan Stanley increased their price objective on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Bank of America increased their price objective on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Finally, The Goldman Sachs Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Tencent Music Entertainment Group Trading Down 2.1 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The company’s fifty day moving average is $10.73 and its 200-day moving average is $9.05. The stock has a market cap of $19.46 billion, a PE ratio of 26.32, a PEG ratio of 0.69 and a beta of 0.81.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.68%. The company had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. On average, analysts predict that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Tencent Music Entertainment Group by 12.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company’s stock worth $21,267,000 after buying an additional 203,224 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in Tencent Music Entertainment Group during the first quarter worth about $481,000. TB Alternative Assets Ltd. purchased a new position in Tencent Music Entertainment Group during the first quarter worth about $1,203,000. Ballentine Partners LLC raised its stake in Tencent Music Entertainment Group by 44.2% during the first quarter. Ballentine Partners LLC now owns 21,816 shares of the company’s stock worth $244,000 after purchasing an additional 6,684 shares during the period. Finally, Banque Cantonale Vaudoise raised its stake in Tencent Music Entertainment Group by 1,027.8% during the first quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company’s stock worth $2,271,000 after purchasing an additional 185,000 shares during the period. 24.32% of the stock is owned by hedge funds and other 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.