Tencent Music Entertainment Group (NYSE:TME) Trading 7.7% Higher – Time to Buy?

Tencent Music Entertainment Group (NYSE:TME)’s share price rose 7.7% during mid-day trading on Friday . The stock traded as high as $13.83 and last traded at $13.81. Approximately 2,684,812 shares changed hands during trading, a decline of 61% from the average daily volume of 6,933,042 shares. The stock had previously closed at $12.83.

Analysts Set New Price Targets

TME has been the topic of several recent research reports. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Finally, 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 on the stock in a report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $14.04.

Tencent Music Entertainment Group Stock Up 12.6 %

The business’s 50 day moving average is $11.76 and its 200 day moving average is $11.54. The company has a market capitalization of $24.79 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 0.77 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors have recently bought and sold shares of TME. JPMorgan Chase & Co. boosted its stake in Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock worth $133,629,000 after purchasing an additional 9,984,690 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $113,031,000. Norges Bank purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $99,539,000. Mawer Investment Management Ltd. raised its position in Tencent Music Entertainment Group by 152.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock worth $130,155,000 after buying an additional 6,919,574 shares during the last quarter. Finally, Cantillon Capital Management LLC raised its position in Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after buying an additional 5,265,783 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.