Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Stock Has Average Price Target of $17.21

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been assigned a consensus rating of “Hold” from the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. Ten investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $17.21.

TME has been the topic of several research reports. UBS Group set a $15.00 price objective on Tencent Music Entertainment Group in a report on Wednesday, August 12th. Nomura set a $10.00 price target on Tencent Music Entertainment Group and gave the company a “neutral” rating in a research note on Thursday, August 13th. Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. China Renaissance lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price objective for the company. in a research note on Wednesday, August 12th. Finally, Mizuho cut their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several institutional investors have recently bought and sold shares of the business. QRG Capital Management Inc. lifted its holdings in Tencent Music Entertainment Group by 10.9% during the second quarter. QRG Capital Management Inc. now owns 12,809 shares of the company’s stock worth $107,000 after buying an additional 1,255 shares during the period. Twin Peaks Capital Ltd boosted its position in Tencent Music Entertainment Group by 275.0% during the 2nd quarter. Twin Peaks Capital Ltd now owns 300,000 shares of the company’s stock valued at $2,505,000 after acquiring an additional 220,000 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Tencent Music Entertainment Group by 230.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 71,852 shares of the company’s stock valued at $600,000 after acquiring an additional 50,124 shares during the period. National Pension Service increased its holdings in shares of Tencent Music Entertainment Group by 10.2% in the 2nd quarter. National Pension Service now owns 167,366 shares of the company’s stock valued at $1,398,000 after acquiring an additional 15,558 shares during the period. Finally, NewEdge Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 80.1% in the 2nd quarter. NewEdge Advisors LLC now owns 120,498 shares of the company’s stock worth $1,006,000 after acquiring an additional 53,603 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Trading Down 5.0%

NYSE TME opened at $7.95 on Friday. The stock has a market cap of $12.52 billion, a PE ratio of 9.82, a PEG ratio of 1.47 and a beta of 0.85. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.13. Tencent Music Entertainment Group has a 12 month low of $7.70 and a 12 month high of $23.88. The company’s 50-day moving average price is $8.65 and its 200-day moving average price is $9.10.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. The business had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. Equities research analysts forecast that Tencent Music Entertainment Group will post 0.87 earnings per share for the current year.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based online music and audio entertainment company. It operates digital music and entertainment platforms that provide music streaming, digital content, social interaction and other music-related services to users primarily in China.

The company’s principal services include QQ Music, Kugou Music and Kuwo Music, which offer licensed music, personalized recommendations, digital albums and other audio content. Tencent Music also operates WeSing, a karaoke and social entertainment platform, along with live-streaming, advertising, artist services and other products designed to connect musicians, content creators and audiences.

Tencent Music was established in 2016 through the combination of Tencent’s music businesses and China Music Corporation.