Tencent Music Entertainment Group (NYSE:TME) Now Covered by Analysts at Sanford C. Bernstein

Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a research report report published on Monday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $14.00 price objective on the stock.

TME has been the subject of several other reports. Bank of America decreased their target price 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. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Mizuho dropped 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. Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $13.03.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $11.79 on Monday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $6.76 and a 12 month high of $15.77. The company has a market capitalization of $20.23 billion, a price-to-earnings ratio of 23.58, a PEG ratio of 0.83 and a beta of 0.67. The firm’s 50-day moving average is $11.34 and its 200 day moving average is $12.86.

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

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. raised its holdings in Tencent Music Entertainment Group by 5.7% in the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after purchasing an additional 860 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Tencent Music Entertainment Group by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after acquiring an additional 922 shares in the last quarter. Tobam lifted its position in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. Atomi Financial Group Inc. boosted its stake in Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its holdings in Tencent Music Entertainment Group by 3.9% in the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock worth $570,000 after purchasing an additional 1,862 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

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.