Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down – Here’s What Happened

Tencent Music Entertainment Group (NYSE:TME) shares gapped down before the market opened on Monday . The stock had previously closed at $14.38, but opened at $13.83. Tencent Music Entertainment Group shares last traded at $13.13, with a volume of 4,956,419 shares changing hands.

Wall Street Analyst Weigh In

TME has been the topic of a number of recent analyst reports. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 21st. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Finally, Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average target price of $14.04.

Tencent Music Entertainment Group Stock Down 9.3 %

The company’s 50-day simple moving average is $11.76 and its two-hundred day simple moving average is $11.53. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market capitalization of $22.39 billion, a P/E ratio of 24.14, a P/E/G ratio of 0.77 and a beta of 0.70.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently modified their holdings of TME. Schroder Investment Management Group raised its stake in Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock valued at $715,783,000 after purchasing an additional 3,987,116 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock worth $335,833,000 after purchasing an additional 332,264 shares during the last quarter. Cantillon Capital Management LLC boosted its position in Tencent Music Entertainment Group by 18.3% in the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after buying an additional 3,384,230 shares during the period. Krane Funds Advisors LLC grew its stake in Tencent Music Entertainment Group by 21.8% in the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock worth $225,365,000 after purchasing an additional 3,560,452 shares in the last quarter. Finally, State Street Corp grew its position in shares of Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock worth $154,499,000 after buying an additional 166,225 shares in 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.