Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – Here’s What Happened

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) gapped up before the market opened on Thursday . The stock had previously closed at $8.86, but opened at $9.21. Tencent Music Entertainment Group shares last traded at $9.2860, with a volume of 1,612,105 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Weiss Ratings raised shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. Finally, Mizuho decreased 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. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.44.

Tencent Music Entertainment Group Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. The stock has a 50 day moving average of $8.90 and a 200 day moving average of $11.85. The stock has a market capitalization of $14.37 billion, a P/E ratio of 11.41, a P/E/G ratio of 0.60 and a beta of 0.82.

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

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently bought and sold shares of the company. Allworth Financial LP grew its holdings in shares of Tencent Music Entertainment Group by 63.2% in the 3rd 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 last quarter. O Shaughnessy Asset Management LLC lifted its holdings in Tencent Music Entertainment Group by 0.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock valued at $2,325,000 after purchasing an additional 610 shares during the last quarter. Vise Technologies Inc. lifted its holdings in Tencent Music Entertainment Group by 5.0% during the 4th quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock valued at $257,000 after purchasing an additional 692 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Tencent Music Entertainment Group by 61.3% in the fourth 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 in the last quarter. Finally, Cerity Partners LLC boosted its position in Tencent Music Entertainment Group by 1.8% in the fourth quarter. Cerity Partners LLC now owns 52,583 shares of the company’s stock valued at $922,000 after buying an additional 929 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

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.