Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down – Here’s Why

Tencent Music Entertainment Group (NYSE:TME) gapped down prior to trading on Wednesday . The stock had previously closed at $12.50, but opened at $12.24. Tencent Music Entertainment Group shares last traded at $11.93, with a volume of 755,992 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TME shares. Benchmark decreased their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Mizuho cut their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Bank of America decreased their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from 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 Stock Performance

The company has a market capitalization of $20.27 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 0.95 and a beta of 0.68. 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 stock has a 50-day simple moving average of $11.88 and a 200-day simple moving average of $12.52.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. grew its stake in Tencent Music Entertainment Group by 5.7% in the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after purchasing an additional 860 shares in the last quarter. Diversified Trust Co bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $632,000. Coronation Fund Managers Ltd. increased its holdings in shares of Tencent Music Entertainment Group by 21.8% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 3,826,568 shares of the company’s stock valued at $53,763,000 after acquiring an additional 684,208 shares during the last quarter. Blue Trust Inc. raised its position in shares of Tencent Music Entertainment Group by 30.9% during the 2nd quarter. Blue Trust Inc. now owns 16,166 shares of the company’s stock valued at $227,000 after acquiring an additional 3,819 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new position in Tencent Music Entertainment Group during the second quarter worth $793,000. 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; 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.