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

Tencent Music Entertainment Group (NYSE:TME) has been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $11.63.

Several equities analysts have weighed in on TME shares. Benchmark raised their target price on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Redburn Atlantic assumed coverage on Tencent Music Entertainment Group in a research report on Monday, February 5th. They set a “buy” rating and a $12.00 price target for the company. CLSA initiated coverage on Tencent Music Entertainment Group in a research report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price objective on the stock. UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective for the company in a research report on Wednesday, January 24th. Finally, Bank of America raised their price target on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research note on Wednesday, March 20th.

Tencent Music Entertainment Group Stock Down 1.2 %

TME opened at $12.40 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. Tencent Music Entertainment Group has a 12 month low of $5.70 and a 12 month high of $12.93. The stock has a market capitalization of $21.27 billion, a P/E ratio of 28.17, a P/E/G ratio of 0.79 and a beta of 0.81. The business has a 50 day simple moving average of $11.16 and a 200-day simple moving average of $9.44.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. On average, equities analysts anticipate that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds have recently bought and sold shares of the company. Exchange Traded Concepts LLC acquired a new position in Tencent Music Entertainment Group in the third quarter worth $230,000. Asset Management One Co. Ltd. grew its position in shares of Tencent Music Entertainment Group by 8.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 116,823 shares of the company’s stock valued at $745,000 after buying an additional 8,682 shares during the last quarter. Handelsbanken Fonder AB raised its stake in Tencent Music Entertainment Group by 8.2% during the third quarter. Handelsbanken Fonder AB now owns 246,600 shares of the company’s stock worth $1,573,000 after acquiring an additional 18,700 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Tencent Music Entertainment Group by 4.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 648,179 shares of the company’s stock worth $4,135,000 after acquiring an additional 29,145 shares during the last quarter. Finally, Advisor Partners II LLC boosted its stake in Tencent Music Entertainment Group by 19.5% in the third quarter. Advisor Partners II LLC now owns 13,529 shares of the company’s stock valued at $86,000 after acquiring an additional 2,207 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.