Brokerages Set Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Target Price at $21.44

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given a consensus rating of “Hold” by the fourteen ratings firms that are presently covering the stock, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $21.4417.

Several research firms have commented on TME. Mizuho decreased their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. JPMorgan Chase & Co. cut their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Benchmark restated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Daiwa Securities Group reaffirmed a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Tencent Music Entertainment Group in a report on Thursday, March 19th.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently made changes to their positions in TME. Allworth Financial LP raised its stake in shares of Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after purchasing an additional 2,022 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Tencent Music Entertainment Group by 61.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the period. Kestra Advisory Services LLC bought a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 0.4%

Shares of Tencent Music Entertainment Group stock opened at $8.79 on Friday. The firm has a market cap of $13.84 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 0.57 and a beta of 0.82. The stock has a 50-day simple moving average of $8.92 and a 200-day simple moving average of $11.99. Tencent Music Entertainment Group has a 52-week low of $7.94 and a 52-week high of $26.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. The firm had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. On average, equities research analysts expect that Tencent Music Entertainment Group will post 0.9 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.