Tencent Music Entertainment Group (NYSE:TME) Stock Price Up 7.7% – Here’s What Happened

Tencent Music Entertainment Group (NYSE:TME) shares shot up 7.7% on Friday . The company traded as high as $13.83 and last traded at $13.81. 2,684,812 shares were traded during mid-day trading, a decline of 61% from the average session volume of 6,933,042 shares. The stock had previously closed at $12.83.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays initiated coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price on the stock. Finally, Morgan Stanley raised 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. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $14.04.

Tencent Music Entertainment Group Price Performance

The company has a 50 day simple moving average of $11.71 and a 200 day simple moving average of $11.54. The company has a market capitalization of $24.39 billion, a price-to-earnings ratio of 26.29, a price-to-earnings-growth ratio of 0.79 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in shares of Tencent Music Entertainment Group by 558.2% during the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after buying an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $113,031,000. Norges Bank purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $99,539,000. Mawer Investment Management Ltd. grew its stake in Tencent Music Entertainment Group by 152.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock valued at $130,155,000 after purchasing an additional 6,919,574 shares in the last quarter. Finally, Cantillon Capital Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after buying an additional 5,265,783 shares during the last quarter. 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; 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.