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

Shares of Tencent Music Entertainment Group (NYSE:TME) have been given a consensus recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $8.52.

A number of brokerages have commented on TME. Benchmark reissued a “buy” rating and set a $9.00 target price on shares of Tencent Music Entertainment Group in a report on Wednesday. HSBC dropped their price target on Tencent Music Entertainment Group from $8.40 to $7.40 in a research report on Thursday, July 20th. Bank of America dropped their price target on Tencent Music Entertainment Group from $10.00 to $8.80 and set a “buy” rating for the company in a research report on Wednesday, August 16th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.50 price target on shares of Tencent Music Entertainment Group in a research report on Wednesday, July 26th. Finally, Citigroup dropped their price target on Tencent Music Entertainment Group from $7.50 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, August 16th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Janiczek Wealth Management LLC grew its position in Tencent Music Entertainment Group by 11.5% in the second quarter. Janiczek Wealth Management LLC now owns 14,117 shares of the company’s stock worth $104,000 after acquiring an additional 1,459 shares during the period. Cigna Investments Inc. New grew its position in Tencent Music Entertainment Group by 13.8% in the first quarter. Cigna Investments Inc. New now owns 13,369 shares of the company’s stock worth $111,000 after acquiring an additional 1,618 shares during the period. Voya Investment Management LLC grew its position in Tencent Music Entertainment Group by 2.6% in the fourth quarter. Voya Investment Management LLC now owns 71,222 shares of the company’s stock worth $590,000 after acquiring an additional 1,785 shares during the period. Quadrant Capital Group LLC grew its position in Tencent Music Entertainment Group by 8.2% in the second quarter. Quadrant Capital Group LLC now owns 28,198 shares of the company’s stock worth $208,000 after acquiring an additional 2,133 shares during the period. Finally, Advisor Partners II LLC grew its position 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 worth $86,000 after acquiring an additional 2,207 shares during the period. 23.59% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $8.24 on Thursday. The business has a 50 day simple moving average of $6.76 and a two-hundred day simple moving average of $7.02. Tencent Music Entertainment Group has a 12 month low of $5.07 and a 12 month high of $9.29. The stock has a market capitalization of $14.13 billion, a P/E ratio of 19.61, a PEG ratio of 0.79 and a beta of 0.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.50 and a quick ratio of 2.50.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, November 14th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.63. Tencent Music Entertainment Group had a return on equity of 9.87% and a net margin of 16.00%. The business had revenue of $6.57 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter in the prior year, the firm earned $0.10 earnings per share. The business’s revenue was down 10.8% compared to the same quarter last year. As a group, analysts predict that Tencent Music Entertainment Group will post 0.45 EPS for the current fiscal 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.