Tencent Music Entertainment Group (NYSE:TME) Shares Down 7.1% – Time to Sell?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) traded down 7.1% on Thursday . The stock traded as low as $16.27 and last traded at $16.2150. 1,280,254 shares were traded during trading, a decline of 76% from the average session volume of 5,242,982 shares. The stock had previously closed at $17.46.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Zacks Research lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Barclays increased their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. Morgan Stanley dropped their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Finally, Benchmark reduced their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.79.

Tencent Music Entertainment Group Trading Down 0.1%

The stock’s 50-day moving average price is $18.11 and its 200 day moving average price is $21.32. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The firm has a market capitalization of $28.49 billion, a PE ratio of 17.28, a price-to-earnings-growth ratio of 1.03 and a beta of 0.45.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently made changes to their positions in TME. Schroder Investment Management Group grew its holdings in Tencent Music Entertainment Group by 2.2% during the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock worth $1,324,310,000 after acquiring an additional 1,491,095 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after purchasing an additional 4,071,323 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in Tencent Music Entertainment Group by 25.4% during the third quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock valued at $421,593,000 after buying an additional 3,856,410 shares during the period. State Street Corp raised its stake in Tencent Music Entertainment Group by 1.3% in the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock worth $244,677,000 after buying an additional 155,692 shares in the last quarter. Finally, Norges Bank purchased a new stake in Tencent Music Entertainment Group during the second quarter worth $110,813,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.