Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 2.8% – Time to Sell?

Tencent Music Entertainment Group (NYSE:TME)’s stock price dropped 2.8% during trading on Wednesday . The stock traded as low as $14.57 and last traded at $14.67. Approximately 8,681,183 shares were traded during mid-day trading, an increase of 6% from the average daily volume of 8,193,268 shares. The stock had previously closed at $15.09.

Wall Street Analysts Forecast Growth

TME has been the subject of several analyst reports. Mizuho boosted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.16.

Tencent Music Entertainment Group Stock Performance

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock’s 50-day moving average is $12.22 and its 200-day moving average is $11.75. The firm has a market capitalization of $25.17 billion, a price-to-earnings ratio of 27.22, a PEG ratio of 0.77 and a beta of 0.70.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new position in Tencent Music Entertainment Group in the 3rd quarter valued at approximately $64,000. Avior Wealth Management LLC increased its position in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares during the period. SBI Securities Co. Ltd. acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $114,000. Finally, PNC Financial Services Group Inc. increased its position in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after acquiring an additional 1,094 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

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.