Tencent Music Entertainment Group (NYSE:TME) Shares Up 3.7%

Tencent Music Entertainment Group (NYSE:TME) shot up 3.7% during mid-day trading on Tuesday . The stock traded as high as $11.60 and last traded at $11.56. 1,288,237 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 9,248,435 shares. The stock had previously closed at $11.15.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TME. CLSA assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued an “outperform” rating and a $10.50 price target on the stock. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Wednesday, March 20th. HSBC boosted their price target on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research report on Wednesday, March 20th. Benchmark lifted their target price on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, UBS Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price target on the stock in a research note on Wednesday, January 24th. Two 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.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Tencent Music Entertainment Group Price Performance

The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. The company has a market cap of $18.98 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 0.78 and a beta of 0.80. The stock’s 50-day simple moving average is $9.93 and its 200 day simple moving average is $8.47.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its position in shares of Tencent Music Entertainment Group by 595.5% during the second quarter. Tower Research Capital LLC TRC now owns 3,394 shares of the company’s stock worth $25,000 after buying an additional 2,906 shares during the period. Tobam purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $36,000. Headinvest LLC acquired a new position in Tencent Music Entertainment Group in the 3rd quarter valued at about $39,000. HighTower Advisors LLC acquired a new position in Tencent Music Entertainment Group in the 1st quarter valued at about $51,000. Finally, Lindbrook Capital LLC increased its stake in Tencent Music Entertainment Group by 40.9% during the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after purchasing an additional 2,044 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.