Tencent Music Entertainment Group (NYSE:TME) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Tencent Music Entertainment Group (NYSE:TME) have earned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $12.72.

Several research firms recently weighed in on TME. Bank of America cut their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Mizuho reduced their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers raised its holdings in shares of Tencent Music Entertainment Group by 10.8% in the 2nd quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock worth $1,185,000 after buying an additional 8,216 shares in the last quarter. Creative Planning lifted its holdings in shares of Tencent Music Entertainment Group by 19.7% during the second quarter. Creative Planning now owns 81,560 shares of the company’s stock valued at $1,146,000 after acquiring an additional 13,421 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after purchasing an additional 1,925,124 shares in the last quarter. SIH Partners LLLP bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth about $282,000. Finally, Dorsey Wright & Associates bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth about $2,808,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Trading Down 4.9 %

NYSE:TME opened at $9.65 on Wednesday. The company’s 50 day moving average is $12.66 and its 200-day moving average is $12.69. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $5.96 and a 12 month high of $15.77. The firm has a market cap of $16.56 billion, a price-to-earnings ratio of 20.98, a P/E/G ratio of 0.76 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.01). The firm had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. Equities analysts anticipate that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.