Tencent Music Entertainment Group (NYSE:TME) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Tencent Music Entertainment Group (NYSE:TME) have earned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $12.67.

Several analysts recently commented on TME shares. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Benchmark dropped 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. Finally, Mizuho cut their price objective on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently modified their holdings of TME. GAM Holding AG grew its position in shares of Tencent Music Entertainment Group by 108.0% in the third quarter. GAM Holding AG now owns 183,000 shares of the company’s stock valued at $2,205,000 after purchasing an additional 95,000 shares in the last quarter. Ariose Capital Management Ltd purchased a new position in Tencent Music Entertainment Group during the third quarter worth approximately $12,285,000. Allspring Global Investments Holdings LLC boosted its stake in Tencent Music Entertainment Group by 14.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after buying an additional 753,383 shares during the last quarter. Blue Trust Inc. grew its holdings in Tencent Music Entertainment Group by 31.5% in the 3rd quarter. Blue Trust Inc. now owns 21,258 shares of the company’s stock valued at $256,000 after buying an additional 5,092 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth $378,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Down 1.7 %

NYSE:TME opened at $11.60 on Thursday. 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 company’s fifty day moving average price is $11.15 and its 200-day moving average price is $12.87. Tencent Music Entertainment Group has a 1-year low of $6.76 and a 1-year high of $15.77. The firm has a market capitalization of $19.91 billion, a P/E ratio of 25.22, a PEG ratio of 0.89 and a beta of 0.66.

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

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.