Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – Time to Buy?

Tencent Music Entertainment Group (NYSE:TME) gapped up prior to trading on Friday . The stock had previously closed at $12.76, but opened at $13.50. Tencent Music Entertainment Group shares last traded at $13.31, with a volume of 2,352,025 shares.

Analysts Set New Price Targets

TME has been the subject of a number of recent analyst reports. 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 report on Tuesday, January 21st. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Finally, Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Performance

The company has a 50-day simple moving average of $11.64 and a two-hundred day simple moving average of $11.55. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market capitalization of $23.38 billion, a P/E ratio of 25.23, a PEG ratio of 0.73 and a beta of 0.70.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Hedge funds have recently made changes to their positions in the company. Northern Trust Corp lifted its position in Tencent Music Entertainment Group by 242.2% during the fourth quarter. Northern Trust Corp now owns 3,682,994 shares of the company’s stock valued at $41,802,000 after buying an additional 2,606,781 shares during the period. Voya Investment Management LLC boosted its stake in Tencent Music Entertainment Group by 16.8% during the fourth quarter. Voya Investment Management LLC now owns 67,126 shares of the company’s stock worth $762,000 after acquiring an additional 9,643 shares in the last quarter. White Oak Capital Partners Pte. Ltd. purchased a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $1,000,000. Arvin Capital Management LP bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $10,232,000. Finally, SIH Partners LLLP grew its stake in shares of Tencent Music Entertainment Group by 18.7% in the 4th quarter. SIH Partners LLLP now owns 209,700 shares of the company’s stock worth $2,380,000 after buying an additional 33,000 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

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.