Tencent Music Entertainment Group (NYSE:TME) Reaches New 1-Year High at $12.06

Tencent Music Entertainment Group (NYSE:TME) reached a new 52-week high on Tuesday . The company traded as high as $12.06 and last traded at $11.91, with a volume of 2140931 shares. The stock had previously closed at $11.76.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TME. CLSA assumed coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They set an “outperform” rating and a $10.50 price target for the company. UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 target price for the company in a report on Wednesday, January 24th. Citigroup upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $9.00 to $13.00 in a report on Wednesday, March 20th. HSBC raised their target price on 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, Mizuho raised their target price on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Tencent Music Entertainment Group Stock Up 1.7 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49. The firm has a market cap of $21.50 billion, a price-to-earnings ratio of 28.48, a price-to-earnings-growth ratio of 0.72 and a beta of 0.81. The firm has a 50-day moving average price of $10.90 and a two-hundred day moving average price of $9.23.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. The business had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. On average, sell-side analysts forecast that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tobam acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth approximately $36,000. Headinvest LLC acquired a new position in Tencent Music Entertainment Group during the third quarter worth approximately $39,000. Lindbrook Capital LLC increased its position in Tencent Music Entertainment Group by 40.9% during the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after buying an additional 2,044 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Tencent Music Entertainment Group during the third quarter worth approximately $64,000. Finally, PDS Planning Inc acquired a new position in Tencent Music Entertainment Group during the third quarter worth approximately $65,000. Institutional investors and hedge funds 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.