Tencent Music Entertainment Group Sees Unusually Large Options Volume (NYSE:TME)

Tencent Music Entertainment Group (NYSE:TME) was the recipient of unusually large options trading activity on Tuesday. Stock traders purchased 11,350 call options on the stock. This represents an increase of 323% compared to the average daily volume of 2,685 call options.

Tencent Music Entertainment Group Trading Up 12.4 %

Shares of TME traded up $1.62 during mid-day trading on Tuesday, hitting $14.68. The company had a trading volume of 22,317,083 shares, compared to its average volume of 8,142,850. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $25.20 billion, a PE ratio of 27.21, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The business’s 50-day simple moving average is $12.13 and its 200-day simple moving average is $11.71.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. lifted its position in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. BNP Paribas boosted its stake in Tencent Music Entertainment Group by 2.0% during the 4th quarter. BNP Paribas now owns 58,066 shares of the company’s stock valued at $659,000 after purchasing an additional 1,131 shares in the last quarter. Corient Private Wealth LLC raised its position in Tencent Music Entertainment Group by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock worth $383,000 after acquiring an additional 1,370 shares in the last quarter. Intech Investment Management LLC lifted its stake in Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after purchasing an additional 1,664 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Tencent Music Entertainment Group by 3.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after purchasing an additional 1,923 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

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; 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.