Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – Here’s Why

Tencent Music Entertainment Group (NYSE:TME) gapped up before the market opened on Friday . The stock had previously closed at $12.76, but opened at $13.50. Tencent Music Entertainment Group shares last traded at $13.31, with a volume of 2,352,025 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TME. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Barclays began coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Finally, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Price Performance

The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock’s 50-day simple moving average is $11.61 and its two-hundred day simple moving average is $11.55. The company has a market capitalization of $23.05 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 0.73 and a beta of 0.70.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in shares of Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after buying an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $113,031,000. Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $99,539,000. Mawer Investment Management Ltd. raised its position in shares of Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock valued at $130,155,000 after buying an additional 6,919,574 shares during the last quarter. Finally, Cantillon Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 39.9% in the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after buying an additional 5,265,783 shares during 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 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.