Tencent Music Entertainment Group (NYSE:TME) Hits New 1-Year High at $12.93

Tencent Music Entertainment Group (NYSE:TME)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.93 and last traded at $12.68, with a volume of 613444 shares traded. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

TME has been the subject of several research reports. The Goldman Sachs Group upgraded 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 note on Wednesday, March 20th. Redburn Atlantic assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They issued a “buy” rating and a $12.00 target price for the company. CLSA assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They set an “outperform” rating and a $10.50 price objective for the company. Bank of America increased their price target on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Morgan Stanley raised 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 report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Tencent Music Entertainment Group Trading Down 0.5 %

The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $22.00 billion, a P/E ratio of 29.27, a P/E/G ratio of 0.79 and a beta of 0.81. The business has a 50-day moving average price of $11.01 and a two-hundred day moving average price of $9.34.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. The company had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. On average, analysts expect that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tobam purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $36,000. Headinvest LLC acquired a new position in Tencent Music Entertainment Group during the 3rd quarter worth $39,000. Lindbrook Capital LLC lifted its position in Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after purchasing an additional 2,044 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $64,000. Finally, PDS Planning Inc purchased a new position in shares of Tencent Music Entertainment Group in the third quarter worth approximately $65,000. 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.