Tencent Music Entertainment Group (NYSE:TME) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Tencent Music Entertainment Group (NYSE:TME) have earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $11.63.

Several equities analysts recently commented on the stock. Benchmark upped their price target on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Wednesday, March 20th. Morgan Stanley boosted their price target on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. UBS Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research note on Wednesday, January 24th. Finally, CLSA began coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price objective for the company.

Tencent Music Entertainment Group Trading Up 0.6 %

Shares of NYSE:TME opened at $13.58 on Thursday. The stock has a market cap of $23.30 billion, a PE ratio of 30.86, a P/E/G ratio of 0.83 and a beta of 0.77. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. Tencent Music Entertainment Group has a 12-month low of $5.70 and a 12-month high of $13.66. The business has a 50 day moving average of $11.34 and a 200-day moving average of $9.60.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. The business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. As a group, equities research analysts forecast that Tencent Music Entertainment Group will post 0.58 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mawer Investment Management Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at approximately $1,381,000. Daiwa Securities Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 25.0% during the first quarter. Daiwa Securities Group Inc. now owns 19,500 shares of the company’s stock valued at $218,000 after purchasing an additional 3,900 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Tencent Music Entertainment Group by 10.5% in the first quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company’s stock valued at $610,000 after buying an additional 5,175 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Tencent Music Entertainment Group by 238.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock worth $19,847,000 after buying an additional 1,271,426 shares during the period. Finally, Principal Financial Group Inc. bought a new stake in Tencent Music Entertainment Group during the 1st quarter worth approximately $27,216,000. Institutional investors own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.