Tencent Music Entertainment Group (NYSE:TME) Reaches New 12-Month Low – What’s Next?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) reached a new 52-week low during trading on Friday. The stock traded as low as $7.66 and last traded at $7.7050, with a volume of 766043 shares trading hands. The stock had previously closed at $7.77.

Analyst Upgrades and Downgrades

TME has been the topic of several analyst reports. China Renaissance cut 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 note on Wednesday, August 12th. Mizuho lowered their price objective on 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. UBS Group set a $15.00 target price on shares of Tencent Music Entertainment Group in a report on Wednesday, August 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Tencent Music Entertainment Group in a research report on Monday. 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 equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.21.

Tencent Music Entertainment Group Stock Down 0.7%

The stock has a market cap of $12.14 billion, a PE ratio of 9.52, a P/E/G ratio of 1.39 and a beta of 0.78. The business has a 50 day moving average of $8.62 and a 200-day moving average of $9.02. 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 issued its quarterly earnings data on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. The company had revenue of $1.31 billion during the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%. Equities research analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently made changes to their positions in TME. Krane Funds Advisors LLC increased its position in Tencent Music Entertainment Group by 5.4% in the 4th quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock valued at $351,427,000 after acquiring an additional 1,026,551 shares during the period. Cantillon Capital Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 1.4% during the fourth quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company’s stock worth $327,960,000 after purchasing an additional 256,286 shares during the period. Overlook Investments LP acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $278,022,000. Goldman Sachs Group Inc. raised its position in Tencent Music Entertainment Group by 7.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company’s stock worth $137,843,000 after buying an additional 537,047 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $94,360,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based online music and audio entertainment company. It operates digital music and entertainment platforms that provide music streaming, digital content, social interaction and other music-related services to users primarily in China.

The company’s principal services include QQ Music, Kugou Music and Kuwo Music, which offer licensed music, personalized recommendations, digital albums and other audio content. Tencent Music also operates WeSing, a karaoke and social entertainment platform, along with live-streaming, advertising, artist services and other products designed to connect musicians, content creators and audiences.

Tencent Music was established in 2016 through the combination of Tencent’s music businesses and China Music Corporation.