Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Average Rating of “Hold” from Analysts

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has received an average recommendation of “Hold” from the fourteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Eight 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 brokers that have updated their coverage on the stock in the last year is $21.4417.

A number of research firms recently issued reports on TME. Jefferies Financial Group reaffirmed a “buy” rating and set a $23.00 price target on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. UBS Group reaffirmed a “neutral” rating and set a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, Daiwa Securities Group reaffirmed a “hold” rating and set a $12.00 price target on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at $31,000. Allworth Financial LP raised its stake in shares of Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of Tencent Music Entertainment Group by 5,777.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after acquiring an additional 2,022 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Tencent Music Entertainment Group by 137.4% in the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after acquiring an additional 1,397 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $8.76 on Tuesday. The company has a market cap of $13.79 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 0.57 and a beta of 0.80. The firm’s fifty day moving average is $9.24 and its 200 day moving average is $13.17. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Tencent Music Entertainment Group has a 52-week low of $8.44 and a 52-week high of $26.70.

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

About Tencent Music Entertainment Group

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.