Mizuho Cuts Tencent Music Entertainment Group (NYSE:TME) Price Target to $18.00

Tencent Music Entertainment Group (NYSE:TME) had its target price reduced by equities researchers at Mizuho from $23.00 to $18.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s target price would suggest a potential upside of 98.61% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. restated a “neutral” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Daiwa Securities Group restated a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Jefferies Financial Group reiterated a “buy” rating and set a $23.00 price target on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Morgan Stanley reiterated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Finally, Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.61.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $9.06 on Wednesday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. The company has a market cap of $14.04 billion, a P/E ratio of 9.15, a PEG ratio of 0.60 and a beta of 0.81. Tencent Music Entertainment Group has a 52 week low of $8.78 and a 52 week high of $26.70. The company has a 50-day moving average price of $10.52 and a 200 day moving average price of $15.37.

Tencent Music Entertainment Group (NYSE:TME) last announced 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 during the quarter. Tencent Music Entertainment Group had a net margin of 33.44% and a return on equity of 11.08%. Research analysts predict that Tencent Music Entertainment Group will post 0.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TME. Smartleaf Asset Management LLC purchased a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $31,000. Allworth Financial LP increased its stake in shares of Tencent Music Entertainment Group by 63.2% during 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. Caitong International Asset Management Co. Ltd increased its stake in shares of Tencent Music Entertainment Group by 5,777.1% during 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 in the last quarter. Global Retirement Partners LLC increased its stake in shares of Tencent Music Entertainment Group by 1,326.5% during the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after purchasing an additional 1,751 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $46,000. 24.32% of the stock is owned by hedge funds and other 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.