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

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has earned an average recommendation of “Hold” from the fourteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $21.4417.

A number of brokerages have recently issued reports on TME. Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Mizuho cut their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Jefferies Financial Group reissued a “buy” rating and set a $23.00 target price on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. Finally, JPMorgan Chase & Co. cut their target price on 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.

Tencent Music Entertainment Group Stock Down 4.4%

TME opened at $8.35 on Tuesday. The business has a 50 day moving average price of $9.22 and a two-hundred day moving average price of $13.06. 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 cap of $13.13 billion, a PE ratio of 10.43, a P/E/G ratio of 0.57 and a beta of 0.80. Tencent Music Entertainment Group has a 52 week low of $8.31 and a 52 week high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last posted 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 return on equity of 11.20% and a net margin of 26.45%. As a group, research analysts anticipate that Tencent Music Entertainment Group will post 0.9 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Large investors have recently modified their holdings of the business. 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 grew its holdings 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 acquiring an additional 573 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in shares of Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after acquiring an additional 2,022 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Tencent Music Entertainment Group by 137.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after acquiring an additional 1,397 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Tencent Music Entertainment Group in 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.