Stock Traders Buy Large Volume of Call Options on Tencent Music Entertainment Group (NYSE:TME)

Tencent Music Entertainment Group (NYSE:TME) was the target of unusually large options trading on Wednesday. Stock investors purchased 11,599 call options on the company. This is an increase of 186% compared to the typical volume of 4,058 call options.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $11.62 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market capitalization of $19.94 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. The company has a 50 day simple moving average of $11.34 and a 200-day simple moving average of $12.86. Tencent Music Entertainment Group has a 52-week low of $6.76 and a 52-week high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The company had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. Equities research analysts predict that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new position in Tencent Music Entertainment Group in the second quarter valued at about $37,000. Tobam grew its stake in shares of Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares in the last quarter. iA Global Asset Management Inc. grew its stake in shares of Tencent Music Entertainment Group by 728.9% in the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in Tencent Music Entertainment Group in the third quarter worth approximately $166,000. Finally, Wrapmanager Inc. bought a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $192,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on TME shares. Daiwa America cut shares of 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 note on Monday. They set an “outperform” rating and a $14.00 target price for the company. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Barclays started coverage on Tencent Music Entertainment Group in a research report on Wednesday. They set an “overweight” rating and a $16.00 target price on the stock. Finally, Benchmark dropped their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $13.03.

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.