Tencent Music Entertainment Group (NYSE:TME) Now Covered by Sanford C. Bernstein

Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $14.00 price target on the stock.

A number of other equities research analysts have also recently issued reports on TME. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Mizuho dropped their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America cut their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Finally, Benchmark reduced their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.78.

Tencent Music Entertainment Group Stock Up 1.3 %

NYSE:TME opened at $11.26 on Monday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1-year low of $6.76 and a 1-year high of $15.77. The business’s fifty day moving average price is $11.29 and its 200 day moving average price is $12.87. The firm has a market capitalization of $19.32 billion, a price-to-earnings ratio of 22.52, a PEG ratio of 0.82 and a beta of 0.67.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The firm had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. On average, sell-side analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently added to or reduced their stakes in TME. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $37,000. Tobam increased its stake in shares of Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. iA Global Asset Management Inc. boosted its position in shares of Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares in the last quarter. Diversify Advisory Services LLC bought a new position in Tencent Music Entertainment Group during the third quarter worth about $166,000. Finally, Wrapmanager Inc. bought a new position in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $192,000. Institutional investors own 24.32% of the company’s stock.

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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.