Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 2.5%

Tencent Music Entertainment Group (NYSE:TME) shares fell 2.5% on Friday . The company traded as low as $9.43 and last traded at $9.51. 385,867 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 8,431,629 shares. The stock had previously closed at $9.75.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TME. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Mizuho reduced their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Bank of America lowered their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.72.

Tencent Music Entertainment Group Trading Down 2.5 %

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 business has a 50 day moving average of $12.35 and a 200-day moving average of $12.66. The stock has a market cap of $16.32 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 0.72 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The company had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. On average, analysts anticipate that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently modified their holdings of TME. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group in the 2nd quarter worth approximately $37,000. Tobam lifted its position in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares during the period. SageView Advisory Group LLC purchased a new position in Tencent Music Entertainment Group during the fourth quarter worth about $90,000. Parallel Advisors LLC boosted its stake in Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after buying an additional 2,328 shares during the last quarter. Finally, iA Global Asset Management Inc. grew its holdings in Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.