Tencent Music Entertainment Group (NYSE:TME) Hits New 1-Year High at $12.06

Tencent Music Entertainment Group (NYSE:TME) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $12.06 and last traded at $11.91, with a volume of 2140931 shares changing hands. The stock had previously closed at $11.76.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TME. Redburn Atlantic began coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued a “buy” rating and a $12.00 target price on the stock. Morgan Stanley raised their price objective on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research report on Wednesday, March 20th. Bank of America raised their price objective on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective for the company in a research report on Wednesday, January 24th. Finally, HSBC raised their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Tencent Music Entertainment Group Trading Up 2.9 %

The company has a fifty day simple moving average of $10.80 and a two-hundred day simple moving average of $9.17. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $20.76 billion, a P/E ratio of 26.77, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. On average, sell-side analysts expect that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors have recently modified their holdings of TME. Tobam bought a new stake in Tencent Music Entertainment Group during the fourth quarter worth about $36,000. Headinvest LLC bought a new stake in Tencent Music Entertainment Group during the third quarter worth about $39,000. Lindbrook Capital LLC raised its holdings in Tencent Music Entertainment Group by 40.9% during the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after acquiring an additional 2,044 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Tencent Music Entertainment Group during the third quarter worth about $64,000. Finally, PDS Planning Inc bought a new stake in Tencent Music Entertainment Group during the third quarter worth about $65,000. 24.32% of the stock is currently owned by institutional investors.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.