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

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. HSBC upped their price target on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a report on Wednesday, March 20th. Mizuho upped their price target on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. CLSA started coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price target on the stock. UBS Group raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a research note on Wednesday, January 24th. Finally, Redburn Atlantic started coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued a “buy” rating and a $12.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Tencent Music Entertainment Group Trading Up 2.9 %

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 fifty day moving average price is $10.80 and its two-hundred day moving average price is $9.17. The company has a market capitalization of $20.76 billion, a PE ratio of 26.77, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81.

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

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently made changes to their positions in TME. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Tencent Music Entertainment Group by 12.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company’s stock worth $21,267,000 after acquiring an additional 203,224 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth $481,000. TB Alternative Assets Ltd. purchased a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at $1,203,000. Ballentine Partners LLC lifted its stake in shares of Tencent Music Entertainment Group by 44.2% during the 1st quarter. Ballentine Partners LLC now owns 21,816 shares of the company’s stock valued at $244,000 after buying an additional 6,684 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Tencent Music Entertainment Group by 1,027.8% during the 1st quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company’s stock valued at $2,271,000 after buying an additional 185,000 shares in 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.