Mizuho Issues Positive Forecast for Tencent Music Entertainment Group (NYSE:TME) Stock Price

Tencent Music Entertainment Group (NYSE:TME) had its price target lifted by Mizuho from $16.00 to $17.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s target price would indicate a potential upside of 12.61% from the stock’s previous close.

Separately, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.16.

Tencent Music Entertainment Group Trading Up 15.6 %

TME stock opened at $15.10 on Wednesday. The business has a fifty day moving average price of $12.22 and a 200 day moving average price of $11.75. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. The stock has a market capitalization of $25.91 billion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 0.77 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 18th. The company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $1.28. Tencent Music Entertainment Group had a return on equity of 10.67% and a net margin of 21.53%. The firm had revenue of $7.46 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the firm posted $1.00 EPS. The business’s revenue was up 8.2% on a year-over-year basis. Analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $286,000. GF Fund Management CO. LTD. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $11,411,000. Burgundy Asset Management Ltd. grew its stake in shares of Tencent Music Entertainment Group by 30.3% during the fourth quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company’s stock worth $476,000 after purchasing an additional 9,755 shares during the period. Vise Technologies Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $169,000. Finally, Vident Advisory LLC grew its stake in shares of Tencent Music Entertainment Group by 23.0% during the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company’s stock worth $214,000 after purchasing an additional 3,538 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

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.