Brokerages Set Tencent Music Entertainment Group – (TME) Target Price at $16.73

Shares of Tencent Music Entertainment Group – (NYSE:TME) have been given an average rating of “Buy” by the thirteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $16.73.

TME has been the topic of a number of recent analyst reports. China International Capital initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday. They set a “hold” rating on the stock. Bank of America boosted their price objective on shares of Tencent Music Entertainment Group from $17.10 to $20.10 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Credit Suisse Group cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a research report on Wednesday, March 20th. China Renaissance Securities began coverage on shares of Tencent Music Entertainment Group in a research report on Monday. They issued a “hold” rating on the stock. Finally, Macquarie began coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, February 12th. They issued an “outperform” rating and a $15.03 price objective on the stock.

Shares of Tencent Music Entertainment Group stock traded down $0.40 during midday trading on Friday, reaching $13.84. The company had a trading volume of 193,960 shares, compared to its average volume of 5,130,245. The firm has a market cap of $23.66 billion and a P/E ratio of 69.30. Tencent Music Entertainment Group has a 1-year low of $11.81 and a 1-year high of $19.97.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Monday, May 13th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $855.00 million during the quarter, compared to analyst estimates of $861.27 million. Equities analysts anticipate that Tencent Music Entertainment Group will post 0.36 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Hound Partners LLC acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $3,437,000. Hillhouse Capital Advisors Ltd. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $19,440,000. Caxton Associates LP acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $2,115,000. Lord Abbett & CO. LLC acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $23,169,000. Finally, City Financial Investment Co Ltd acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $132,000. Hedge funds and other institutional investors own 5.37% of the company’s stock.

About Tencent Music Entertainment Group

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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