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

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been given an average rating of “Hold” by the fourteen research firms that are presently covering the firm, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $21.4417.

TME has been the topic of several analyst reports. UBS Group restated a “neutral” rating and issued a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th.

Tencent Music Entertainment Group Stock Performance

Shares of TME traded up $0.03 during midday trading on Friday, hitting $8.88. 4,432,494 shares of the stock traded hands, compared to its average volume of 8,259,004. The business’s 50 day moving average price is $8.93 and its two-hundred day moving average price is $12.15. The firm has a market capitalization of $13.97 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 0.58 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group has a 1-year low of $7.94 and a 1-year high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The firm had revenue of $1.15 billion for the quarter. Equities research analysts predict that Tencent Music Entertainment Group will post 0.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. raised its position in shares of Tencent Music Entertainment Group by 7.3% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 5,706,740 shares of the company’s stock worth $100,039,000 after purchasing an additional 387,109 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Tencent Music Entertainment Group by 85.7% during the fourth quarter. SG Americas Securities LLC now owns 542,198 shares of the company’s stock valued at $9,505,000 after purchasing an additional 250,261 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock valued at $376,119,000 after purchasing an additional 293,385 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Tencent Music Entertainment Group by 414.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,130,608 shares of the company’s stock valued at $19,820,000 after purchasing an additional 910,767 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in Tencent Music Entertainment Group by 11.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,501,873 shares of the company’s stock worth $62,543,000 after purchasing an additional 349,470 shares in the last quarter. Institutional investors and hedge funds 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.