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

Tencent Music Entertainment Group (NYSE:TME)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $12.13, but opened at $11.76. Tencent Music Entertainment Group shares last traded at $11.64, with a volume of 174,944 shares.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TME. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Bank of America cut their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Finally, Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Tencent Music Entertainment Group Trading Up 2.1 %

The business has a 50 day moving average of $11.16 and a two-hundred day moving average of $12.85. The firm has a market capitalization of $20.39 billion, a price-to-earnings ratio of 25.83, a P/E/G ratio of 0.95 and a beta of 0.66. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. Equities analysts predict that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its position in Tencent Music Entertainment Group by 14.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock valued at $71,984,000 after acquiring an additional 753,383 shares in the last quarter. Blue Trust Inc. lifted its stake in Tencent Music Entertainment Group by 31.5% in the third quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock valued at $256,000 after purchasing an additional 5,092 shares during the last quarter. Harbour Capital Advisors LLC purchased a new stake in Tencent Music Entertainment Group in the 3rd quarter worth about $378,000. Perpetual Ltd raised its position in shares of Tencent Music Entertainment Group by 6.7% in the third quarter. Perpetual Ltd now owns 1,556,751 shares of the company’s stock valued at $18,759,000 after purchasing an additional 97,298 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in Tencent Music Entertainment Group by 2.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock valued at $2,165,000 after acquiring an additional 4,265 shares during the period. 24.32% of the stock is 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.