Shares of Tencent Music Entertainment Group – (NYSE:TME) have received a consensus rating of “Buy” from the nineteen research firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $16.00.
TME has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. New Street Research started coverage on Tencent Music Entertainment Group in a research note on Friday, October 18th. They issued a “buy” rating and a $16.00 price objective on the stock. KeyCorp decreased their target price on Tencent Music Entertainment Group from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. UBS Group upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Tuesday, October 8th. Finally, China Renaissance Securities raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Tuesday, October 8th.
Hedge funds and other institutional investors have recently modified their holdings of the company. NEXT Financial Group Inc purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $26,000. Point72 Asset Management L.P. acquired a new stake in Tencent Music Entertainment Group in the third quarter valued at approximately $49,000. Harvest Fund Management Co. Ltd acquired a new stake in Tencent Music Entertainment Group in the second quarter valued at approximately $55,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $60,000. Finally, Quadrant Capital Group LLC raised its stake in shares of Tencent Music Entertainment Group by 72.1% during the third quarter. Quadrant Capital Group LLC now owns 5,024 shares of the company’s stock valued at $63,000 after purchasing an additional 2,105 shares during the period. 12.83% of the stock is owned by institutional investors.
Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Monday, November 11th. The company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.66. Tencent Music Entertainment Group had a net margin of 8.77% and a return on equity of 6.11%. The company had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.43 billion. The company’s quarterly revenue was up 31.0% on a year-over-year basis. Equities analysts expect that Tencent Music Entertainment Group will post 0.36 earnings per share for the current year.
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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