Tencent Music Entertainment Group (NYSE:TME) Hits New 52-Week High at $13.66

Shares of Tencent Music Entertainment Group (NYSE:TME) hit a new 52-week high during trading on Monday . The company traded as high as $13.66 and last traded at $13.50, with a volume of 1144365 shares traded. The stock had previously closed at $13.50.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TME shares. Citigroup upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Morgan Stanley upped their target price on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. HSBC increased their price objective on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a research note on Wednesday, March 20th. Bank of America increased 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 research note on Wednesday, March 20th. Finally, Mizuho increased their price objective on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Tencent Music Entertainment Group Trading Up 0.3 %

The company has a market capitalization of $23.24 billion, a price-to-earnings ratio of 30.68, a P/E/G ratio of 0.83 and a beta of 0.77. 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 company’s 50 day simple moving average is $11.28 and its two-hundred day simple moving average is $9.55.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TME. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $105,328,000. Aspex Management HK Ltd purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $81,542,000. Hsbc Holdings PLC raised its holdings in shares of Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock worth $91,012,000 after buying an additional 7,094,511 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Tencent Music Entertainment Group by 78.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after buying an additional 6,088,504 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Tencent Music Entertainment Group by 65.3% in the third quarter. Wellington Management Group LLP now owns 10,928,746 shares of the company’s stock worth $69,725,000 after buying an additional 4,317,720 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.