Tencent Music Entertainment Group (NYSE:TME) Hits New 52-Week Low – What’s Next?

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) reached a new 52-week low on Thursday . The stock traded as low as $7.77 and last traded at $7.7850, with a volume of 3721045 shares trading hands. The stock had previously closed at $7.82.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. China Renaissance downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price objective on the stock. in a research report on Wednesday, August 12th. UBS Group set a $15.00 target price on shares of Tencent Music Entertainment Group in a report on Wednesday, August 12th. Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Finally, Nomura set a $10.00 price objective on shares of Tencent Music Entertainment Group and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Three analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.21.

Tencent Music Entertainment Group Trading Down 0.4%

The stock has a 50-day simple moving average of $8.80 and a 200 day simple moving average of $9.47. The company has a market cap of $12.25 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 1.38 and a beta of 0.85. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.13.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share (EPS) for the quarter. The company had revenue of $1.31 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. As a group, equities research analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TME. PNC Financial Services Group Inc. lifted its stake in Tencent Music Entertainment Group by 11.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,939 shares of the company’s stock worth $279,000 after purchasing an additional 1,691 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Tencent Music Entertainment Group by 14.6% during the first quarter. Sequoia Financial Advisors LLC now owns 21,728 shares of the company’s stock worth $202,000 after buying an additional 2,765 shares during the period. NewEdge Advisors LLC grew its stake in shares of Tencent Music Entertainment Group by 4.6% in the first quarter. NewEdge Advisors LLC now owns 66,895 shares of the company’s stock valued at $621,000 after buying an additional 2,938 shares in the last quarter. DNB Asset Management AS raised its holdings in shares of Tencent Music Entertainment Group by 6.4% in the 4th quarter. DNB Asset Management AS now owns 50,202 shares of the company’s stock valued at $880,000 after buying an additional 3,021 shares during the period. Finally, Csenge Advisory Group raised its holdings in shares of Tencent Music Entertainment Group by 31.6% in the 4th quarter. Csenge Advisory Group now owns 13,869 shares of the company’s stock valued at $243,000 after buying an additional 3,329 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group is a China-based online music and audio entertainment company. It operates digital music platforms including QQ Music, Kugou Music and Kuwo Music, which provide users with licensed songs, albums, music videos, playlists, podcasts and other audio content. The company also operates WeSing, a social karaoke service that allows users to sing, record and share performances.

The company generates revenue through music subscriptions, digital advertising, content sales, and social entertainment services such as virtual gifts, live streaming and karaoke-related offerings.