Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 4.3% – Should You Sell?

Tencent Music Entertainment Group (NYSE:TME) fell 4.3% during trading on Monday . The company traded as low as $11.45 and last traded at $11.46. 2,580,199 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 8,529,939 shares. The stock had previously closed at $11.98.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on TME shares. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target on the stock. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Barclays began coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Price Performance

The firm has a market capitalization of $20.20 billion, a P/E ratio of 21.80, a P/E/G ratio of 0.91 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock’s fifty day simple moving average is $11.72 and its 200 day simple moving average is $12.39.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently bought and sold shares of TME. DekaBank Deutsche Girozentrale increased its position in shares of Tencent Music Entertainment Group by 0.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after purchasing an additional 922 shares in the last quarter. Tobam increased its position in Tencent Music Entertainment Group by 37.7% during 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. Atomi Financial Group Inc. raised its stake in Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after buying an additional 1,561 shares during the last quarter. Intech Investment Management LLC boosted its holdings in Tencent Music Entertainment Group by 9.1% in the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after acquiring an additional 1,664 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its stake in shares of Tencent Music Entertainment Group by 3.9% during the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock worth $570,000 after acquiring an additional 1,862 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.