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

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Tencent Music Entertainment Group – (NYSE:TME) has earned an average rating of “Buy” from the seventeen ratings firms that are presently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $16.09.

TME has been the subject of several research reports. CICC Research initiated coverage on shares of Tencent Music Entertainment Group in a research report on Thursday, June 13th. They issued a “buy” rating for the company. Loop Capital began coverage on Tencent Music Entertainment Group in a research note on Tuesday, June 4th. They set a “buy” rating and a $12.89 price objective on the stock. China Renaissance Securities began coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They set a “hold” rating on the stock. China International Capital began coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They set a “hold” rating on the stock. Finally, Bank of America dropped their price objective on Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th.

NYSE TME opened at $13.49 on Tuesday. The company has a fifty day simple moving average of $14.57 and a 200 day simple moving average of $15.84. Tencent Music Entertainment Group has a 12-month low of $11.81 and a 12-month high of $19.97. The company has a market cap of $22.34 billion and a P/E ratio of 67.45.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $859.00 million during the quarter, compared to analyst estimates of $872.51 million. As a group, sell-side analysts anticipate that Tencent Music Entertainment Group will post 0.35 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of TME. Aviva PLC raised its stake in shares of Tencent Music Entertainment Group by 3.3% during the 2nd quarter. Aviva PLC now owns 28,400 shares of the company’s stock worth $426,000 after purchasing an additional 900 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Tencent Music Entertainment Group by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 108,700 shares of the company’s stock worth $1,629,000 after purchasing an additional 900 shares during the period. Quadrant Capital Group LLC bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth $29,000. NEXT Financial Group Inc bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth $26,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Tencent Music Entertainment Group by 5.0% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 40,832 shares of the company’s stock worth $612,000 after purchasing an additional 1,928 shares during the period. Institutional investors and hedge funds own 6.95% of the company’s stock.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

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