Tencent Music Entertainment Group (NYSE:TME) Reaches New 12-Month Low – What’s Next?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) reached a new 52-week low during mid-day trading on Friday. The stock traded as low as $7.66 and last traded at $7.7050, with a volume of 766043 shares traded. The stock had previously closed at $7.77.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TME. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tencent Music Entertainment Group in a report on Monday. UBS Group set a $15.00 price target on shares of Tencent Music Entertainment Group in a report on Wednesday, August 12th. Nomura set a $10.00 price objective on shares of Tencent Music Entertainment Group and gave the stock a “neutral” rating in a report on Thursday, August 13th. China Renaissance cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 target price for the company. in a report on Wednesday, August 12th. Finally, Mizuho decreased their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Hold” and an average price target of $17.21.

Tencent Music Entertainment Group Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.74 and a current ratio of 1.74. The stock has a market capitalization of $12.14 billion, a PE ratio of 9.52, a P/E/G ratio of 1.39 and a beta of 0.78. The company’s fifty day simple moving average is $8.62 and its two-hundred day simple moving average is $9.02.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share (EPS) for the quarter. The company had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. As a group, sell-side analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.87 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently bought and sold shares of the stock. Overlook Investments LP acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $278,022,000. Norges Bank acquired a new position in Tencent Music Entertainment Group in the fourth quarter valued at $94,360,000. Carmignac Gestion increased its stake in Tencent Music Entertainment Group by 2,635.9% in the first quarter. Carmignac Gestion now owns 2,881,153 shares of the company’s stock valued at $26,740,000 after purchasing an additional 2,775,843 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Tencent Music Entertainment Group during the second quarter worth about $21,974,000. Finally, Temasek Holdings Private Ltd lifted its position in Tencent Music Entertainment Group by 145.7% during the fourth quarter. Temasek Holdings Private Ltd now owns 2,559,173 shares of the company’s stock worth $44,862,000 after buying an additional 1,517,481 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 (NYSE: TME) is a China-based online music and audio entertainment company. It operates digital music and entertainment platforms that provide music streaming, digital content, social interaction and other music-related services to users primarily in China.

The company’s principal services include QQ Music, Kugou Music and Kuwo Music, which offer licensed music, personalized recommendations, digital albums and other audio content. Tencent Music also operates WeSing, a karaoke and social entertainment platform, along with live-streaming, advertising, artist services and other products designed to connect musicians, content creators and audiences.

Tencent Music was established in 2016 through the combination of Tencent’s music businesses and China Music Corporation.