Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Consensus Recommendation of “Hold” by Brokerages

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been assigned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $21.4417.

TME has been the topic of several recent research reports. Mizuho decreased their price objective on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings raised Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th.

Tencent Music Entertainment Group Stock Up 3.8%

NYSE TME opened at $9.89 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. The firm has a 50-day simple moving average of $9.00 and a 200 day simple moving average of $10.91. Tencent Music Entertainment Group has a twelve month low of $7.94 and a twelve month high of $26.70. The stock has a market cap of $15.57 billion, a PE ratio of 12.36, a PEG ratio of 0.63 and a beta of 0.84.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. On average, research analysts forecast that Tencent Music Entertainment Group will post 0.89 EPS for the current year.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its holdings in Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after purchasing an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Tencent Music Entertainment Group by 5,777.1% during the fourth 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 in the last quarter. Smartleaf Asset Management LLC raised its stake in Tencent Music Entertainment Group by 61.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after acquiring an additional 807 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $46,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 83.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

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.