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

Shares of Tencent Music Entertainment Group (NYSE:TME) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $12.67.

TME has been the subject of a number of analyst reports. 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 Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Bank of America decreased their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th.

Tencent Music Entertainment Group Stock Down 0.2 %

NYSE:TME opened at $13.48 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm’s 50-day moving average price is $11.35 and its 200-day moving average price is $12.78. The company has a market capitalization of $23.13 billion, a PE ratio of 29.30, a P/E/G ratio of 1.03 and a beta of 0.66. Tencent Music Entertainment Group has a 1-year low of $6.12 and a 1-year high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The business had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. On average, equities analysts predict that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after acquiring an additional 84,131 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 78.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after purchasing an additional 6,088,504 shares during the period. Aspex Management HK Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $81,542,000. Ninety One UK Ltd bought a new position in shares of Tencent Music Entertainment Group in the 2nd quarter worth approximately $122,775,000. Finally, Driehaus Capital Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 37.0% in the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after buying an additional 1,925,124 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

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.