Mizuho Cuts Tencent Music Entertainment Group (NYSE:TME) Price Target to $15.00

Tencent Music Entertainment Group (NYSE:TME) had its target price trimmed by Mizuho from $18.00 to $15.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other analysts have also recently commented on TME. UBS Group set a $15.00 target price on Tencent Music Entertainment Group in a report on Wednesday. China Renaissance lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price target for the company. in a report on Wednesday. JPMorgan Chase & Co. dropped 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 report on Thursday, May 14th. Weiss Ratings raised shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Tencent Music Entertainment Group has an average rating of “Hold” and an average target price of $17.21.

Tencent Music Entertainment Group Stock Up 2.0%

Shares of NYSE:TME opened at $8.84 on Wednesday. The firm has a market cap of $13.91 billion, a P/E ratio of 10.91, a P/E/G ratio of 1.48 and a beta of 0.84. Tencent Music Entertainment Group has a 12-month low of $7.94 and a 12-month high of $26.70. The business has a fifty day simple moving average of $8.95 and a 200 day simple moving average of $10.73. The company has a quick ratio of 2.08, a current ratio of 1.74 and a debt-to-equity ratio of 0.13.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. The firm had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%. Analysts predict that Tencent Music Entertainment Group will post 0.89 earnings per share for the current year.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently added to or reduced their stakes in the stock. 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 during the last quarter. Caitong International Asset Management Co. Ltd lifted its position 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 valued at $36,000 after buying an additional 2,022 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after acquiring an additional 807 shares during the period. Kestra Advisory Services LLC bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $46,000. Finally, EverSource Wealth Advisors LLC raised its stake in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after acquiring an additional 1,363 shares during the period. Institutional investors own 24.32% of the company’s stock.

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.