Tencent Music Entertainment Group (NYSE:TME) Trading Down 3.5% – Should You Sell?

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) fell 3.5% on Friday . The stock traded as low as $24.65 and last traded at $24.73. 437,832 shares were traded during 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

Several research firms have recently weighed in on TME. Citigroup reaffirmed a “buy” rating and set a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Wall Street Zen raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. Zacks Research raised Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 26th. Finally, Benchmark upped their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $24.47.

Tencent Music Entertainment Group Stock Down 2.5%

The firm has a 50-day moving average of $23.14 and a 200 day moving average of $18.00. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The stock has a market capitalization of $42.87 billion, a price-to-earnings ratio of 27.45 and a beta of 0.54.

Institutional Trading of Tencent Music Entertainment Group

Institutional investors and hedge funds have recently bought and sold shares of the business. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group in the first quarter valued at approximately $34,000. Banque Transatlantique SA bought a new stake in Tencent Music Entertainment Group in the first quarter valued at approximately $46,000. EverSource Wealth Advisors LLC raised its stake in Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after buying an additional 1,363 shares during the period. Brooklyn Investment Group raised its stake in Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $69,000 after buying an additional 4,307 shares during the period. Finally, MAI Capital Management bought a new stake in Tencent Music Entertainment Group in the second quarter valued at approximately $73,000. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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.