Tencent Music Entertainment Group (NYSE:TME) Trading Down 4.3% – What’s Next?

Shares of Tencent Music Entertainment Group (NYSE:TME) were down 4.3% on Monday . The company traded as low as $11.45 and last traded at $11.46. Approximately 2,580,199 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 8,529,939 shares. The stock had previously closed at $11.98.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TME shares. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target for the company. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price for the company. Finally, Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Stock Down 5.7 %

The stock has a 50 day moving average of $11.78 and a 200-day moving average of $12.44. The firm has a market capitalization of $19.39 billion, a P/E ratio of 22.19, a PEG ratio of 0.91 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cantillon Capital Management LLC grew its stake in Tencent Music Entertainment Group by 39.9% during the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after acquiring an additional 5,265,783 shares in the last quarter. Acadian Asset Management LLC grew its position in Tencent Music Entertainment Group by 18,902.2% during the second quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock worth $62,765,000 after buying an additional 4,445,235 shares in the last quarter. Mawer Investment Management Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 1,131.8% in the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after acquiring an additional 4,178,636 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Tencent Music Entertainment Group by 287.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock valued at $58,382,000 after acquiring an additional 3,594,383 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Tencent Music Entertainment Group by 98.8% during the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after acquiring an additional 2,967,779 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

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.