Tencent Music Entertainment Group (NYSE:TME) Trading Down 4.3% – Here’s Why

Tencent Music Entertainment Group (NYSE:TME)’s stock price was down 4.3% during mid-day trading on Monday . The company traded as low as $11.45 and last traded at $11.46. Approximately 2,580,199 shares changed hands during trading, a decline of 70% from the average daily volume of 8,529,939 shares. The stock had previously closed at $11.98.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TME shares. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Finally, Barclays started coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Trading Down 0.1 %

The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock’s 50 day moving average is $11.72 and its 200-day moving average is $12.39. The company has a market cap of $20.20 billion, a PE ratio of 21.80, a P/E/G ratio of 0.91 and a beta of 0.68.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Large investors have recently modified their holdings of the stock. Progeny 3 Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at $11,436,000. Bank of Montreal Can raised its position in Tencent Music Entertainment Group by 86.0% in the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after purchasing an additional 84,161 shares during the period. Fiera Capital Corp lifted its stake in Tencent Music Entertainment Group by 21.2% in the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after purchasing an additional 75,991 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 4.0% during the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after buying an additional 211,873 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in shares of Tencent Music Entertainment Group by 33.6% during the third quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after buying an additional 480,504 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

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.