Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Consensus Recommendation of “Hold” from Brokerages

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has received a consensus recommendation of “Hold” from the thirteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Ten analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $17.2091.

A number of equities analysts have recently issued reports on the company. UBS Group set a $15.00 price objective on Tencent Music Entertainment Group in a report on Wednesday, August 12th. Weiss Ratings raised shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. China Renaissance cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price objective for the company. in a research note on Wednesday, August 12th. JPMorgan Chase & Co. reduced their target price on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Mizuho cut their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $8.27 on Monday. The stock has a market cap of $13.02 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 1.44 and a beta of 0.85. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $8.90 and a 200 day simple moving average of $9.91. 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 posted its quarterly earnings data on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. The company had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. On average, research analysts forecast that Tencent Music Entertainment Group will post 0.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Large investors have recently bought and sold shares of the stock. Schroder Investment Management Group grew its holdings in Tencent Music Entertainment Group by 30.0% in the 4th quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after acquiring an additional 18,554,567 shares during the last quarter. Overlook Investments LP purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $278,022,000. Norges Bank bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at approximately $94,360,000. Green Court Capital Management Ltd raised its holdings in shares of Tencent Music Entertainment Group by 467.2% during the fourth quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock valued at $108,729,000 after acquiring an additional 4,854,084 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 195.9% during the fourth quarter. Invesco Ltd. now owns 6,991,937 shares of the company’s stock valued at $122,569,000 after acquiring an additional 4,629,058 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other 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.