Tencent Music Entertainment Group Sponsored ADR (NYSE:TME – Get Free Report) shares hit a new 52-week low on Monday . The stock traded as low as $8.35 and last traded at $8.4350, with a volume of 1289403 shares trading hands. The stock had previously closed at $8.73.
Wall Street Analyst Weigh In
Several research firms recently commented on TME. Weiss Ratings lowered Tencent Music Entertainment Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, June 2nd. Daiwa Securities Group reissued a “hold” rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Jefferies Financial Group restated a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. Barclays dropped their price objective on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 19th. Finally, Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.44.
Read Our Latest Research Report on TME
Tencent Music Entertainment Group Stock Performance
Tencent Music Entertainment Group (NYSE:TME – Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The business had revenue of $1.15 billion during the quarter. On average, research analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current fiscal year.
Hedge Funds Weigh In On Tencent Music Entertainment Group
Hedge funds and other institutional investors have recently made changes to their positions in the business. Carmignac Gestion increased its stake in Tencent Music Entertainment Group by 2,635.9% during the 1st quarter. Carmignac Gestion now owns 2,881,153 shares of the company’s stock valued at $26,740,000 after buying an additional 2,775,843 shares during the period. NewEdge Advisors LLC increased its stake in shares of Tencent Music Entertainment Group by 4.6% during the first quarter. NewEdge Advisors LLC now owns 66,895 shares of the company’s stock valued at $621,000 after acquiring an additional 2,938 shares during the period. Bank of America Corp DE lifted its position in Tencent Music Entertainment Group by 71.6% in the first quarter. Bank of America Corp DE now owns 1,825,895 shares of the company’s stock worth $16,944,000 after purchasing an additional 761,787 shares during the period. Amundi boosted its stake in Tencent Music Entertainment Group by 13.6% during the 1st quarter. Amundi now owns 3,350,991 shares of the company’s stock valued at $31,097,000 after purchasing an additional 401,396 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in Tencent Music Entertainment Group by 24.3% during the 1st quarter. California State Teachers Retirement System now owns 275,922 shares of the company’s stock valued at $2,561,000 after purchasing an additional 53,911 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.
About Tencent Music Entertainment Group
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.
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