Tencent Music Entertainment Group (NYSE:TME) Stock Price Up 5.2% – Still a Buy?

Tencent Music Entertainment Group (NYSE:TME)’s stock price traded up 5.2% during mid-day trading on Monday . The stock traded as high as $12.02 and last traded at $12.00. 1,270,799 shares were traded during trading, a decline of 85% from the average session volume of 8,541,567 shares. The stock had previously closed at $11.41.

Analyst Upgrades and Downgrades

TME has been the topic of a number of analyst reports. Bank of America cut their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Benchmark decreased their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Trading Up 6.7 %

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $20.90 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 0.86 and a beta of 0.67. The company has a 50-day moving average price of $11.79 and a 200 day moving average price of $12.63.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $37,000. Tobam increased its position in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. Avior Wealth Management LLC boosted its position in shares of Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares in the last quarter. Finally, Caprock Group LLC purchased a new position in Tencent Music Entertainment Group during the 3rd quarter worth $147,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

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; 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.