Stock Traders Buy Large Volume of Tencent Music Entertainment Group Call Options (NYSE:TME)

Tencent Music Entertainment Group – (NYSE:TME) was the target of some unusual options trading on Monday. Traders bought 16,106 call options on the stock. This is an increase of 852% compared to the average daily volume of 1,691 call options.

Several analysts have recently commented on TME shares. New Street Research started coverage on Tencent Music Entertainment Group in a report on Friday, October 18th. They issued a “buy” rating and a $16.00 price target for the company. KeyCorp decreased their target price on Tencent Music Entertainment Group from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. UBS Group raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Tuesday, October 8th. Oppenheimer began coverage on Tencent Music Entertainment Group in a research note on Monday, July 29th. They issued an “outperform” rating and a $18.00 price target on the stock. Finally, Bank of America cut their price target on Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $16.27.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. LA Financiere DE L Echiquier acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at approximately $131,000. Matthews International Capital Management LLC raised its stake in Tencent Music Entertainment Group by 188.4% during the third quarter. Matthews International Capital Management LLC now owns 5,256,200 shares of the company’s stock valued at $67,122,000 after buying an additional 3,433,435 shares in the last quarter. GW&K Investment Management LLC raised its stake in Tencent Music Entertainment Group by 37.5% during the third quarter. GW&K Investment Management LLC now owns 956,152 shares of the company’s stock valued at $12,210,000 after buying an additional 260,995 shares in the last quarter. SG Americas Securities LLC raised its stake in Tencent Music Entertainment Group by 788.7% during the third quarter. SG Americas Securities LLC now owns 104,496 shares of the company’s stock valued at $1,334,000 after buying an additional 92,738 shares in the last quarter. Finally, Gabelli Funds LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter valued at approximately $128,000. Hedge funds and other institutional investors own 9.69% of the company’s stock.

Shares of NYSE:TME traded down $1.17 during trading on Tuesday, hitting $13.20. The company’s stock had a trading volume of 619,854 shares, compared to its average volume of 4,279,246. Tencent Music Entertainment Group has a fifty-two week low of $11.81 and a fifty-two week high of $19.97. The stock’s 50-day moving average price is $13.50 and its two-hundred day moving average price is $14.28. The company has a market capitalization of $23.47 billion and a PE ratio of 66.03.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Monday, November 11th. The company reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.66. The business had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.43 billion. The company’s revenue for the quarter was up 31.0% compared to the same quarter last year. Equities research analysts forecast that Tencent Music Entertainment Group will post 0.34 EPS for the current year.

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.

Read More: What are earnings reports?

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.