Tencent Music Entertainment Group (NYSE:TME) Upgraded to Hold at Zacks Research

Tencent Music Entertainment Group (NYSE:TME) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also commented on TME. UBS Group reaffirmed a “neutral” rating and issued a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Mizuho decreased their price objective on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Jefferies Financial Group reissued a “buy” rating and set a $23.00 target price on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. Finally, Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Hold” and an average target price of $21.44.

Tencent Music Entertainment Group Trading Up 0.3%

Tencent Music Entertainment Group stock opened at $9.17 on Tuesday. The company has a 50 day moving average price of $9.92 and a 200 day moving average price of $14.78. Tencent Music Entertainment Group has a 52 week low of $8.44 and a 52 week high of $26.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. The firm has a market capitalization of $14.20 billion, a price-to-earnings ratio of 11.46, a P/E/G ratio of 0.60 and a beta of 0.81.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The firm had revenue of $1.15 billion during the quarter. Research analysts forecast that Tencent Music Entertainment Group will post 0.9 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $31,000. Allworth Financial LP raised its holdings in Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after acquiring an additional 573 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after acquiring an additional 2,022 shares during the period. Kestra Advisory Services LLC bought a new position in Tencent Music Entertainment Group in the 4th quarter worth $46,000. Finally, Jones Financial Companies Lllp raised its holdings in Tencent Music Entertainment Group by 137.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after acquiring an additional 1,397 shares during the period. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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.