Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down – Time to Sell?

Tencent Music Entertainment Group (NYSE:TME)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $11.55, but opened at $10.78. Tencent Music Entertainment Group shares last traded at $10.76, with a volume of 2,601,658 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TME shares. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Bank of America dropped their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.03.

Tencent Music Entertainment Group Trading Down 2.3 %

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average price of $11.42 and a two-hundred day moving average price of $12.84. The firm has a market capitalization of $18.31 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 0.81 and a beta of 0.67.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The company had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.67% and a net margin of 21.53%. As a group, research analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its stake in shares of Tencent Music Entertainment Group by 10.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company’s stock valued at $610,000 after purchasing an additional 5,175 shares during the last quarter. Swiss National Bank boosted its stake in Tencent Music Entertainment Group by 0.3% during the first quarter. Swiss National Bank now owns 1,691,130 shares of the company’s stock worth $18,924,000 after buying an additional 4,500 shares during the period. Sei Investments Co. increased its position in shares of Tencent Music Entertainment Group by 115.9% during the first quarter. Sei Investments Co. now owns 1,846,116 shares of the company’s stock valued at $20,658,000 after acquiring an additional 991,056 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Tencent Music Entertainment Group by 102.8% in the 1st quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock valued at $7,919,000 after acquiring an additional 358,694 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $418,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group 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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.