Tencent Music Entertainment Group – (TME) Short Interest Update

Tencent Music Entertainment Group – (NYSE:TME) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 30,379,183 shares, an increase of 20.6% from the February 28th total of 25,185,144 shares. Currently, 10.3% of the company’s shares are short sold. Based on an average trading volume of 4,579,879 shares, the days-to-cover ratio is presently 6.6 days.

A number of hedge funds and other institutional investors have recently modified their holdings of TME. Virtu Financial LLC purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $580,000. TB Alternative Assets Ltd. purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $4,755,000. Bank Pictet & Cie Asia Ltd. purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $500,000. SG Americas Securities LLC purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $441,000. Finally, TD Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $1,489,000. 4.82% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently issued reports on TME shares. Bank of America boosted their target price on Tencent Music Entertainment Group from $17.10 to $20.10 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Goldman Sachs Group initiated coverage on Tencent Music Entertainment Group in a report on Sunday, January 6th. They set a “buy” rating for the company. Macquarie initiated coverage on Tencent Music Entertainment Group in a report on Tuesday, February 12th. They issued an “outperform” rating and a $15.03 price target for the company. HSBC initiated coverage on Tencent Music Entertainment Group in a report on Thursday, January 17th. They issued a “buy” rating and a $16.00 price target for the company. Finally, Morgan Stanley initiated coverage on Tencent Music Entertainment Group in a report on Monday, January 7th. They issued an “equal weight” rating for the company. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $16.73.

Shares of TME stock traded down $0.74 on Monday, hitting $17.55. 2,558,400 shares of the stock traded hands, compared to its average volume of 5,808,129. The firm has a market cap of $29.68 billion and a P/E ratio of 87.75. Tencent Music Entertainment Group has a 1-year low of $11.81 and a 1-year high of $19.97.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 19th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.53. The firm had revenue of $5.40 billion for the quarter, compared to analyst estimates of $5.24 billion. Tencent Music Entertainment Group’s quarterly revenue was up 50.5% on a year-over-year basis. On average, equities research analysts forecast that Tencent Music Entertainment Group will post 0.36 earnings per share for the current fiscal year.

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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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