JPMorgan Chase & Co. Has Lowered Expectations for Tencent Music Entertainment Group (NYSE:TME) Stock Price

Tencent Music Entertainment Group (NYSE:TME) had its price objective lowered by stock analysts at JPMorgan Chase & Co. from $12.00 to $10.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 18.27% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Mizuho lowered their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday. Jefferies Financial Group reiterated a “buy” rating and set a $23.00 price target on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Daiwa Securities Group reissued a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Barclays dropped their price target on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 19th. Finally, Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.44.

Tencent Music Entertainment Group Stock Down 1.7%

TME stock opened at $8.46 on Thursday. The stock has a market capitalization of $13.10 billion, a P/E ratio of 10.57, a PEG ratio of 0.56 and a beta of 0.81. The company has a 50 day moving average price of $10.19 and a two-hundred day moving average price of $15.13. Tencent Music Entertainment Group has a one year low of $8.44 and a one year high of $26.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.22 and a current ratio of 2.09.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The business had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. As a group, sell-side analysts expect that Tencent Music Entertainment Group will post 0.9 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently bought and sold shares of TME. Smartleaf Asset Management LLC acquired a new position in Tencent Music Entertainment Group in the third quarter valued at $31,000. Allworth Financial LP boosted its position in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in 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 purchasing an additional 2,022 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Tencent Music Entertainment Group by 1,326.5% during the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after acquiring an additional 1,751 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $46,000. 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 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.