Tencent Music Entertainment Group (NYSE:TME) Reaches New 1-Year High at $12.93

Tencent Music Entertainment Group (NYSE:TME) shares hit a new 52-week high on Monday . The stock traded as high as $12.93 and last traded at $12.68, with a volume of 613444 shares traded. The stock had previously closed at $12.88.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a report on Wednesday, March 20th. Citigroup raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $9.00 to $13.00 in a research note on Wednesday, March 20th. UBS Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research note on Wednesday, January 24th. HSBC boosted their price target on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a report on Wednesday, March 20th. Finally, The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Tencent Music Entertainment Group Stock Performance

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’s 50-day moving average price is $11.01 and its 200 day moving average price is $9.34. The company has a market cap of $22.00 billion, a P/E ratio of 29.27, a price-to-earnings-growth ratio of 0.79 and a beta of 0.81.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. The business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. As a group, research analysts expect that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of large investors have recently added to or reduced their stakes in TME. Nordea Investment Management AB lifted its position in shares of Tencent Music Entertainment Group by 25.1% in the 4th quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock worth $11,735,000 after purchasing an additional 265,093 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in Tencent Music Entertainment Group by 2,115.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 230,400 shares of the company’s stock worth $2,076,000 after purchasing an additional 220,000 shares during the period. Ballentine Partners LLC increased its holdings in shares of Tencent Music Entertainment Group by 33.9% in the 4th quarter. Ballentine Partners LLC now owns 15,132 shares of the company’s stock valued at $136,000 after purchasing an additional 3,835 shares in the last quarter. SG Americas Securities LLC grew its stake in Tencent Music Entertainment Group by 14.3% in the 4th quarter. SG Americas Securities LLC now owns 325,588 shares of the company’s stock valued at $2,934,000 after acquiring an additional 40,765 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Tencent Music Entertainment Group by 262.6% in the third quarter. Deutsche Bank AG now owns 2,344,133 shares of the company’s stock worth $14,956,000 after acquiring an additional 1,697,604 shares during the last quarter. 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.