Tencent Music Entertainment Group (NYSE:TME) Reaches New 1-Year High at $12.06

Tencent Music Entertainment Group (NYSE:TME) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $12.06 and last traded at $11.91, with a volume of 2140931 shares traded. The stock had previously closed at $11.76.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of research analyst reports. Redburn Atlantic initiated coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They set a “buy” rating and a $12.00 price target on the stock. CLSA started coverage on Tencent Music Entertainment Group in a research report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price target for the company. Mizuho lifted their price objective on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. UBS Group upgraded 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. Finally, HSBC boosted their target price on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a report on Wednesday, March 20th. Two research 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 company has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Tencent Music Entertainment Group Stock Performance

The stock has a 50 day moving average price of $10.90 and a two-hundred day moving average price of $9.23. 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 company has a market cap of $21.50 billion, a price-to-earnings ratio of 28.48, a P/E/G ratio of 0.72 and a beta of 0.81.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data 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 net margin of 17.71% and a return on equity of 9.67%. The business had revenue of $971.00 million during the quarter, compared to analysts’ expectations of $925.06 million. Analysts predict that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

Institutional Trading of Tencent Music Entertainment Group

A number of large investors have recently made changes to their positions in the company. Janiczek Wealth Management LLC increased its position in shares of Tencent Music Entertainment Group by 8.6% in the 4th quarter. Janiczek Wealth Management LLC now owns 16,559 shares of the company’s stock valued at $149,000 after buying an additional 1,311 shares in the last quarter. Signaturefd LLC increased its position in shares of Tencent Music Entertainment Group by 5.1% in the 4th quarter. Signaturefd LLC now owns 33,465 shares of the company’s stock valued at $302,000 after buying an additional 1,628 shares in the last quarter. Cigna Investments Inc. New increased its position in shares of Tencent Music Entertainment Group by 13.6% in the 4th quarter. Cigna Investments Inc. New now owns 15,186 shares of the company’s stock valued at $137,000 after buying an additional 1,817 shares in the last quarter. Lindbrook Capital LLC increased its holdings in Tencent Music Entertainment Group by 40.9% during the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after purchasing an additional 2,044 shares in the last quarter. Finally, Advisor Partners II LLC increased its holdings in Tencent Music Entertainment Group by 19.5% during the 3rd quarter. Advisor Partners II LLC now owns 13,529 shares of the company’s stock worth $86,000 after purchasing an additional 2,207 shares in the last quarter. 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.