Tencent Music Entertainment Group (NYSE:TME) Reaches New 1-Year Low – Here’s Why

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) shares reached a new 52-week low during trading on Monday . The company traded as low as $8.35 and last traded at $8.4350, with a volume of 1289403 shares traded. The stock had previously closed at $8.73.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TME. Daiwa Securities Group restated a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Barclays dropped their price target on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 19th. Mizuho cut their price target on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Benchmark restated a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Stock Down 3.4%

The business’s 50 day simple moving average is $9.24 and its 200 day simple moving average is $13.13. The company has a market capitalization of $13.28 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 0.57 and a beta of 0.80. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The business had revenue of $1.15 billion for the quarter. As a group, analysts forecast that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP boosted its holdings in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after purchasing an additional 573 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after buying an additional 2,022 shares during the period. Smartleaf Asset Management LLC increased its stake in Tencent Music Entertainment Group by 61.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after buying an additional 807 shares during the period. Kestra Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC lifted its position in 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 worth $59,000 after buying an additional 1,363 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.