Tencent Music Entertainment Group (NYSE:TME) Shares Down 7.1% – What’s Next?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)’s share price dropped 7.1% during mid-day trading on Thursday . The company traded as low as $16.27 and last traded at $16.2150. Approximately 1,280,254 shares traded hands during trading, a decline of 76% from the average daily volume of 5,242,982 shares. The stock had previously closed at $17.46.

Analysts Set New Price Targets

TME has been the subject of a number of recent analyst reports. Bank of America began coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective for the company. Barclays raised their price target on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Performance

The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average is $18.32 and its 200 day moving average is $21.38. The stock has a market capitalization of $28.48 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 1.09 and a beta of 0.45.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in Tencent Music Entertainment Group by 9.0% during the 1st quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock valued at $2,082,000 after buying an additional 11,979 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 107.5% during the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock valued at $1,231,000 after acquiring an additional 44,265 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter valued at $985,000. Acadian Asset Management LLC increased its position in Tencent Music Entertainment Group by 385,900.0% during the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock worth $722,000 after purchasing an additional 50,167 shares in the last quarter. Finally, Strs Ohio acquired a new position in Tencent Music Entertainment Group in the 1st quarter valued at about $1,228,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.