Brokerages Set Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Target Price at $21.44

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has earned a consensus rating of “Hold” from the fourteen analysts that are covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $21.4417.

Several analysts recently weighed in on the company. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. dropped their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Finally, Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $9.52 on Thursday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The business’s 50-day simple moving average is $8.99 and its two-hundred day simple moving average is $10.99. The stock has a market cap of $14.98 billion, a PE ratio of 11.89, a P/E/G ratio of 0.63 and a beta of 0.84. Tencent Music Entertainment Group has a 52 week low of $7.94 and a 52 week high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. As a group, analysts forecast that Tencent Music Entertainment Group will post 0.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently modified their holdings of TME. Schroder Investment Management Group increased its stake in Tencent Music Entertainment Group by 30.0% in the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after purchasing an additional 18,554,567 shares during the period. Vanguard Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock valued at $376,119,000 after acquiring an additional 293,385 shares in the last quarter. Krane Funds Advisors LLC boosted its holdings in shares of Tencent Music Entertainment Group by 5.4% in the fourth quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock valued at $351,427,000 after purchasing an additional 1,026,551 shares during the period. Cantillon Capital Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 1.4% in the fourth quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company’s stock valued at $327,960,000 after purchasing an additional 256,286 shares during the period. Finally, Overlook Investments LP bought a new position in Tencent Music Entertainment Group in the fourth quarter worth approximately $278,022,000. 24.32% of the stock is owned by institutional investors.

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.