Tencent Music Entertainment Group (TME) Shares Gap Down to $15.01

Shares of Tencent Music Entertainment Group – (NYSE:TME) gapped down prior to trading on Wednesday . The stock had previously closed at $15.24, but opened at $15.01. Tencent Music Entertainment Group shares last traded at $14.52, with a volume of 217940 shares.

TME has been the topic of several recent research reports. China International Capital initiated coverage on Tencent Music Entertainment Group in a report on Monday. They issued a “hold” rating on the stock. HSBC initiated coverage on Tencent Music Entertainment Group in a report on Thursday, January 17th. They issued a “buy” rating and a $16.00 price target on the stock. Zacks Investment Research raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Friday, March 15th. Credit Suisse Group downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, March 20th. Finally, Morgan Stanley initiated coverage on Tencent Music Entertainment Group in a report on Tuesday, January 15th. They issued a “weight” rating and a $12.20 price target on the stock. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Tencent Music Entertainment Group has an average rating of “Buy” and an average target price of $16.73.

The stock has a market cap of $26.17 billion and a P/E ratio of 72.90.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 19th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.04 by $0.53. The business had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.24 billion. The business’s quarterly revenue was up 50.5% on a year-over-year basis. Equities research analysts forecast that Tencent Music Entertainment Group – will post 0.36 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hound Partners LLC acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $3,437,000. Hillhouse Capital Advisors Ltd. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $19,440,000. Caxton Associates LP acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $2,115,000. Lord Abbett & CO. LLC acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at $23,169,000. Finally, City Financial Investment Co Ltd acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at $132,000. Hedge funds and other institutional investors own 5.37% of the company’s stock.

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Tencent Music Entertainment Group Company Profile (NYSE:TME)

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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