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

Tencent Music Entertainment Group (NYSE:TME) saw some unusual options trading activity on Monday. Stock traders purchased 19,873 put options on the company. This represents an increase of 742% compared to the typical volume of 2,361 put options.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter worth $64,000. Avior Wealth Management LLC grew its holdings in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after acquiring an additional 4,071 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth $110,000. Oppenheimer Asset Management Inc. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $114,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after purchasing an additional 1,094 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analysts Set New Price Targets

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

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $15.10 on Wednesday. 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 cap of $25.91 billion, a P/E ratio of 27.96, a P/E/G ratio of 0.77 and a beta of 0.70. The firm has a 50 day simple moving average of $12.22 and a 200 day simple moving average of $11.75. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77.

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.