Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – What’s Next?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $8.86, but opened at $9.21. Tencent Music Entertainment Group shares last traded at $9.2860, with a volume of 1,612,105 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Daiwa Securities Group reiterated a “hold” rating and set a $12.00 target price on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. JPMorgan Chase & Co. lowered their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, Barclays reduced their price objective on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 19th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Trading Up 4.6%

The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $8.90 and a two-hundred day simple moving average of $11.93. The firm has a market capitalization of $14.58 billion, a P/E ratio of 11.61, a price-to-earnings-growth ratio of 0.57 and a beta of 0.82.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The business had revenue of $1.15 billion for the quarter. On average, equities research analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of large investors have recently made changes to their positions in TME. Schroder Investment Management Group increased its holdings in shares of Tencent Music Entertainment Group by 30.0% during the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock valued at $1,410,816,000 after acquiring an additional 18,554,567 shares in the last quarter. Overlook Investments LP acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at approximately $278,022,000. Norges Bank acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at approximately $94,360,000. Green Court Capital Management Ltd raised its holdings in shares of Tencent Music Entertainment Group by 467.2% in the fourth quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock worth $108,729,000 after buying an additional 4,854,084 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 195.9% during the fourth quarter. Invesco Ltd. now owns 6,991,937 shares of the company’s stock worth $122,569,000 after buying an additional 4,629,058 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Company Profile

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.