Tencent Music Entertainment Group (NYSE:TME) Stock Rating Raised to “Strong-Buy” at China Renaissance

China Renaissance upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday,Zacks reports.

Several other equities research analysts have also commented on the company. Nomura set a $10.00 price objective on Tencent Music Entertainment Group and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Mizuho lowered their target price on 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. Weiss Ratings reissued a “hold (c)” rating on shares of Tencent Music Entertainment Group in a report on Monday, September 28th. Finally, UBS Group set a $15.00 price target on Tencent Music Entertainment Group in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Hold” and a consensus price target of $17.21.

Tencent Music Entertainment Group Stock Down 0.3%

TME opened at $8.47 on Wednesday. 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 1-year low of $7.66 and a 1-year high of $23.85. The company has a market capitalization of $13.34 billion, a PE ratio of 10.46, a PEG ratio of 1.49 and a beta of 0.78. The firm’s 50 day simple moving average is $8.38 and its two-hundred day simple moving average is $8.86.

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

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several large investors have recently added to or reduced their stakes in TME. Pale Fire Capital SE purchased a new position in shares of Tencent Music Entertainment Group in the second quarter valued at about $9,141,000. Nykredit A S bought a new position in shares of Tencent Music Entertainment Group in the second quarter worth about $1,964,000. Twin Peaks Capital Ltd boosted its stake in shares of Tencent Music Entertainment Group by 275.0% in the second quarter. Twin Peaks Capital Ltd now owns 300,000 shares of the company’s stock worth $2,505,000 after acquiring an additional 220,000 shares during the period. Working Capital Advisors UK Ltd. purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter worth about $3,340,000. Finally, Sei Investments Co. grew its position in shares of Tencent Music Entertainment Group by 10.4% during the first quarter. Sei Investments Co. now owns 3,980,820 shares of the company’s stock worth $36,942,000 after purchasing an additional 374,586 shares in the last quarter. Hedge funds and other 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 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.