Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $17.21 Average Target Price from Analysts

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been given an average rating of “Hold” by the thirteen research firms that are covering the stock, MarketBeat reports. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $17.2091.

TME has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on 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. UBS Group set a $15.00 target price on Tencent Music Entertainment Group in a report on Wednesday, August 12th. Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. China Renaissance lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price target for the company. in a report on Wednesday, August 12th. Finally, Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP boosted its holdings in Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after purchasing an additional 573 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 worth $36,000 after purchasing an additional 2,022 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $46,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after buying an additional 1,363 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 1.4%

Tencent Music Entertainment Group stock opened at $8.40 on Monday. The firm has a market cap of $13.22 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 1.45 and a beta of 0.85. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.74 and a quick ratio of 1.74. Tencent Music Entertainment Group has a fifty-two week low of $7.94 and a fifty-two week high of $26.70. The firm has a fifty day moving average price of $8.90 and a two-hundred day moving average price of $9.97.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share (EPS) for the quarter. The company had revenue of $1.31 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. As a group, 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 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.