Tencent Music Entertainment Group – (NYSE:TME) saw some unusual options trading activity on Thursday. Stock traders purchased 17,205 put options on the company. This represents an increase of 806% compared to the typical daily volume of 1,900 put options.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC acquired a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at about $29,000. Ladenburg Thalmann Financial Services Inc. increased its position in Tencent Music Entertainment Group by 368.2% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,341 shares of the company’s stock worth $42,000 after purchasing an additional 1,841 shares in the last quarter. Commonwealth Bank of Australia acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $43,000. Columbia Asset Management acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $173,000. Finally, Raymond James & Associates boosted its stake in shares of Tencent Music Entertainment Group by 36.6% during the 1st quarter. Raymond James & Associates now owns 19,800 shares of the company’s stock valued at $358,000 after buying an additional 5,300 shares during the last quarter. 5.37% of the stock is owned by institutional investors.
Shares of NYSE TME traded down $0.32 on Friday, reaching $13.92. 164,452 shares of the company traded hands, compared to its average volume of 5,130,245. Tencent Music Entertainment Group has a fifty-two week low of $11.81 and a fifty-two week high of $19.97. The company has a market cap of $23.66 billion and a P/E ratio of 69.58.
Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Monday, May 13th. The company reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.02. The company had revenue of $855.00 million for the quarter, compared to analyst estimates of $861.27 million. On average, analysts expect that Tencent Music Entertainment Group will post 0.36 EPS for the current fiscal year.
A number of research firms have issued reports on TME. China International Capital began coverage on shares of Tencent Music Entertainment Group in a report on Monday. They issued a “hold” rating on the stock. China Renaissance Securities began coverage on shares of Tencent Music Entertainment Group in a report on Monday. They issued a “hold” rating on the stock. Zacks Investment Research upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Friday, March 15th. Stifel Nicolaus restated a “hold” rating and issued a $16.00 target price on shares of Tencent Music Entertainment Group in a report on Tuesday, March 12th. Finally, Credit Suisse Group lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Wednesday, March 20th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $16.73.
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Tencent Music Entertainment Group Company Profile
Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.
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