Tencent Music Entertainment Group (NYSE:TME) Trading Down 4.3% – What’s Next?

Tencent Music Entertainment Group (NYSE:TME)’s share price fell 4.3% on Monday . The stock traded as low as $11.45 and last traded at $11.46. 2,580,199 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 8,529,939 shares. The stock had previously closed at $11.98.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TME. Barclays assumed coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Stock Down 5.7 %

The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm’s 50 day moving average price is $11.78 and its two-hundred day moving average price is $12.44. The company has a market cap of $19.39 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several institutional investors have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the second quarter worth approximately $37,000. Tobam raised its holdings in 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 buying an additional 957 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group in the third quarter valued at $64,000. Avior Wealth Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the last quarter. Finally, Caprock Group LLC bought a new stake in shares of Tencent Music Entertainment Group during the third quarter worth about $147,000. Institutional investors and hedge funds 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.