Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Stock Now Rated “Hold” by Sell-Side Analysts

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has earned a consensus recommendation of “Hold” from the thirteen brokerages that are presently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $17.21.

A number of brokerages have commented on TME. China Renaissance downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price objective on the stock. in a research report on Wednesday, August 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tencent Music Entertainment Group in a research report on Monday. UBS Group set a $15.00 target price on shares of Tencent Music Entertainment Group in a research note on Wednesday, August 12th. Mizuho dropped their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Finally, Nomura set a $10.00 price target on Tencent Music Entertainment Group and gave the company a “neutral” rating in a research note on Thursday, August 13th.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $7.78 on Friday. The business has a 50-day simple moving average of $8.62 and a 200-day simple moving average of $9.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.74 and a current ratio of 1.74. Tencent Music Entertainment Group has a one year low of $7.70 and a one year high of $23.85. The company has a market cap of $12.24 billion, a PE ratio of 9.60, a P/E/G ratio of 1.39 and a beta of 0.78.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. The firm had revenue of $1.31 billion for the quarter. On average, equities research analysts forecast that Tencent Music Entertainment Group will post 0.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its stake in Tencent Music Entertainment Group by 7.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company’s stock valued at $137,843,000 after acquiring an additional 537,047 shares in the last quarter. Krane Funds Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 5.4% during the fourth quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock worth $351,427,000 after purchasing an additional 1,026,551 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,831,308 shares of the company’s stock worth $66,568,000 after purchasing an additional 218,949 shares in the last quarter. Green Court Capital Management Ltd increased its position in shares of Tencent Music Entertainment Group by 467.2% during the fourth quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock worth $108,729,000 after purchasing an additional 4,854,084 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $1,964,000. Hedge funds and other 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 online music and audio entertainment company. It operates digital music and entertainment platforms that provide music streaming, digital content, social interaction and other music-related services to users primarily in China.

The company’s principal services include QQ Music, Kugou Music and Kuwo Music, which offer licensed music, personalized recommendations, digital albums and other audio content. Tencent Music also operates WeSing, a karaoke and social entertainment platform, along with live-streaming, advertising, artist services and other products designed to connect musicians, content creators and audiences.

Tencent Music was established in 2016 through the combination of Tencent’s music businesses and China Music Corporation.