Tencent Music Entertainment Group (NYSE:TME) Trading Up 4.2% – Should You Buy?

Tencent Music Entertainment Group (NYSE:TME) shares shot up 4.2% during mid-day trading on Thursday . The company traded as high as $12.36 and last traded at $12.28. 1,019,396 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 8,528,302 shares. The stock had previously closed at $11.78.

Wall Street Analysts Forecast Growth

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

Tencent Music Entertainment Group Trading Down 0.7 %

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $20.56 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 0.89 and a beta of 0.68. The company has a 50-day simple moving average of $11.78 and a 200 day simple moving average of $12.47.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of large investors have recently added to or reduced their stakes in TME. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam lifted its stake in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Tencent Music Entertainment Group in the 3rd quarter worth about $64,000. Avior Wealth Management LLC increased its stake in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares in the last quarter. Finally, Caprock Group LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $147,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.