Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 2.8% – Time to Sell?

Tencent Music Entertainment Group (NYSE:TME) shares traded down 2.8% during trading on Wednesday . The company traded as low as $14.57 and last traded at $14.67. 8,681,183 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 8,193,268 shares. The stock had previously closed at $15.09.

Analysts Set New Price Targets

TME has been the subject of several research analyst reports. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, January 21st. Mizuho lifted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.16.

Tencent Music Entertainment Group Stock Down 2.8 %

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 stock has a market cap of $25.17 billion, a P/E ratio of 27.22, a P/E/G ratio of 0.77 and a beta of 0.70. The stock’s fifty day simple moving average is $12.22 and its 200-day simple moving average is $11.75.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors have recently bought and sold shares of TME. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at about $64,000. Avior Wealth Management LLC raised 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 valued at $68,000 after buying an additional 4,071 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $114,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

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.