Tencent Music Entertainment Group (NYSE:TME) Sets New 12-Month Low – Here’s What Happened

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) reached a new 52-week low on Wednesday . The stock traded as low as $7.93 and last traded at $7.9050, with a volume of 393483 shares traded. The stock had previously closed at $8.06.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. UBS Group set a $15.00 target price on Tencent Music Entertainment Group in a research report on Wednesday, August 12th. Nomura set a $10.00 price target on Tencent Music Entertainment Group and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. Mizuho lowered their price target on shares of 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.21.

Tencent Music Entertainment Group Price Performance

The stock has a market cap of $12.49 billion, a price-to-earnings ratio of 9.81, a price-to-earnings-growth ratio of 1.45 and a beta of 0.85. 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 company has a 50-day simple moving average of $8.89 and a two-hundred day simple moving average of $9.77.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%.The company had revenue of $1.31 billion during the quarter. As a group, equities research analysts forecast 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

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP increased its position in Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Tencent Music Entertainment Group by 5,777.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after buying an additional 2,022 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Tencent Music Entertainment Group by 61.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after buying an additional 807 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after acquiring an additional 1,363 shares during the period. Institutional investors own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.