Tencent Music Entertainment Group (NYSE:TME) Hits New 52-Week High at $13.66

Tencent Music Entertainment Group (NYSE:TME)’s share price reached a new 52-week high on Monday . The company traded as high as $13.66 and last traded at $13.50, with a volume of 1144365 shares traded. The stock had previously closed at $13.50.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TME shares. Redburn Atlantic started coverage on Tencent Music Entertainment Group in a research report on Monday, February 5th. They set a “buy” rating and a $12.00 price objective on the stock. Benchmark boosted their target price on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. HSBC boosted their target price on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a research note on Wednesday, March 20th. Mizuho boosted their target price on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, The Goldman Sachs Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average price target of $11.63.

Tencent Music Entertainment Group Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The company has a market cap of $23.24 billion, a price-to-earnings ratio of 30.68, a P/E/G ratio of 0.83 and a beta of 0.77. The firm’s 50 day simple moving average is $11.28 and its 200-day simple moving average is $9.55.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. The company had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. As a group, sell-side analysts anticipate that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently made changes to their positions in the business. Daiwa Securities Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 25.0% during the first quarter. Daiwa Securities Group Inc. now owns 19,500 shares of the company’s stock worth $218,000 after buying an additional 3,900 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Tencent Music Entertainment Group by 10.5% during the first quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company’s stock worth $610,000 after buying an additional 5,175 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Tencent Music Entertainment Group by 238.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock worth $19,847,000 after buying an additional 1,271,426 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $27,216,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Tencent Music Entertainment Group by 19.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 224,217 shares of the company’s stock worth $2,509,000 after buying an additional 36,118 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.