Tencent Music Entertainment Group (NYSE:TME) Raised to “Hold” at Zacks Research

Tencent Music Entertainment Group (NYSE:TME) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on the stock. UBS Group reaffirmed a “neutral” rating and set a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Barclays lowered their price objective on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 19th. Benchmark reaffirmed a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Daiwa Securities Group reaffirmed a “hold” rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $9.17 on Tuesday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $14.20 billion, a PE ratio of 11.46, a P/E/G ratio of 0.60 and a beta of 0.81. The firm has a fifty day simple moving average of $9.92 and a two-hundred day simple moving average of $14.78. Tencent Music Entertainment Group has a twelve month low of $8.44 and a twelve month high of $26.70.

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

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds have recently made changes to their positions in the stock. Allworth Financial LP boosted its position 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 worth $35,000 after purchasing an additional 573 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Tencent Music Entertainment Group by 0.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock worth $2,325,000 after purchasing an additional 610 shares in the last quarter. Vise Technologies Inc. boosted its position in shares of Tencent Music Entertainment Group by 5.0% in the 4th quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock worth $257,000 after purchasing an additional 692 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Tencent Music Entertainment Group by 61.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Tencent Music Entertainment Group by 1.8% in the 4th quarter. Cerity Partners LLC now owns 52,583 shares of the company’s stock worth $922,000 after purchasing an additional 929 shares in the last quarter. 24.32% of the stock is owned by institutional investors.

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.