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

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

Several research analysts recently commented on the stock. Benchmark cut 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 report on Wednesday, August 14th. Mizuho cut their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Bank of America reduced their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $15.00 to $13.00 in a report on Wednesday. Finally, Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th.

Tencent Music Entertainment Group Trading Up 0.1 %

TME stock opened at $12.28 on Friday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $21.07 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 0.88 and a beta of 0.65. The business has a fifty day simple moving average of $11.50 and a 200-day simple moving average of $12.67. Tencent Music Entertainment Group has a 52 week low of $6.09 and a 52 week high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly 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 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%. On average, equities research analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors have recently made changes to their positions in the business. Cetera Investment Advisers grew its position in shares of Tencent Music Entertainment Group by 10.8% during the second 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 boosted its stake in Tencent Music Entertainment Group by 19.7% during the 2nd 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 last quarter. Driehaus Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 37.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after acquiring an additional 1,925,124 shares in the last quarter. SIH Partners LLLP acquired a new position in Tencent Music Entertainment Group during the 2nd quarter worth $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.

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.