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

Tencent Music Entertainment Group (NYSE:TME)’s share price gapped down before the market opened on Monday . The stock had previously closed at $14.38, but opened at $13.83. Tencent Music Entertainment Group shares last traded at $13.13, with a volume of 4,956,419 shares.

Analyst Ratings Changes

TME has been the topic of a number of research analyst reports. Barclays started coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price on the stock. Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective for the company. Finally, Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research note on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Price Performance

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 company has a market cap of $22.39 billion, a P/E ratio of 24.14, a P/E/G ratio of 0.77 and a beta of 0.70. The firm has a 50 day moving average price of $11.76 and a two-hundred day moving average price of $11.53.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TME. Schroder Investment Management Group grew its position in shares of Tencent Music Entertainment Group by 6.7% in the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock valued at $715,783,000 after purchasing an additional 3,987,116 shares in the last quarter. Vanguard Group Inc. grew its holdings in Tencent Music Entertainment Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock valued at $335,833,000 after buying an additional 332,264 shares in the last quarter. Cantillon Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 18.3% during the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after buying an additional 3,384,230 shares in the last quarter. Krane Funds Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 21.8% during the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock valued at $225,365,000 after buying an additional 3,560,452 shares during the period. Finally, State Street Corp lifted its holdings in shares of Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock worth $154,499,000 after buying an additional 166,225 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

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.