Tencent Music Entertainment Group (NYSE:TME) had its target price reduced by Bank of America from $19.20 to $18.00 in a research report released on Tuesday morning, BenzingaRatingsTable reports. Bank of America currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. China Renaissance Securities assumed coverage on Tencent Music Entertainment Group in a research report on Monday, May 13th. They issued a hold rating for the company. 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 target price for the company. CICC Research began coverage on Tencent Music Entertainment Group in a research note on Thursday, June 13th. They issued a buy rating for the company. Jefferies Financial Group began coverage on Tencent Music Entertainment Group in a research note on Monday, August 5th. They issued a buy rating and a $16.90 target price for the company. Finally, Zacks Investment Research downgraded Tencent Music Entertainment Group from a buy rating to a hold rating in a research note on Wednesday, May 22nd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $16.39.

TME stock opened at $14.54 on Tuesday. The stock has a 50-day simple moving average of $14.80. Tencent Music Entertainment Group has a 1-year low of $11.81 and a 1-year high of $19.97. The company has a market cap of $23.78 billion and a price-to-earnings ratio of 72.70.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Monday, May 13th. The company reported $0.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.02. The business had revenue of $855.00 million during the quarter, compared to the consensus estimate of $861.27 million. Research analysts forecast that Tencent Music Entertainment Group will post 0.34 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. NEXT Financial Group Inc acquired a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $26,000. Quadrant Capital Group LLC acquired a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $29,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $60,000. Deutsche Bank AG acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $86,000. Finally, Legal & General Group Plc acquired a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $132,000. Institutional investors own 5.80% of the company’s stock.

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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Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

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