Tencent Music Entertainment Group (NYSE:TME) Cut to Hold at China Renaissance

China Renaissance lowered shares of Tencent Music Entertainment Group (NYSE:TME) from a buy rating to a hold rating in a research report report published on Wednesday, MarketBeat reports. The firm currently has $9.30 target price on the stock.

A number of other equities research analysts also recently commented on TME. Mizuho decreased their target price on 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. Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. Zacks Research raised Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, JPMorgan Chase & Co. decreased their price objective on 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. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Hold” and a consensus price target of $17.21.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $8.84 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.08 and a current ratio of 1.74. The company has a market cap of $13.91 billion, a P/E ratio of 10.91, a P/E/G ratio of 1.48 and a beta of 0.84. The firm’s fifty day moving average is $8.95 and its two-hundred day moving average is $10.73. 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 released its quarterly earnings data on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. The business had revenue of $1.31 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. As a group, analysts anticipate that Tencent Music Entertainment Group will post 0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors have recently modified their holdings of the stock. Schroder Investment Management Group raised its stake in shares of Tencent Music Entertainment Group by 30.0% during the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock valued at $1,410,816,000 after acquiring an additional 18,554,567 shares in the last quarter. Overlook Investments LP purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $278,022,000. Norges Bank purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at $94,360,000. Green Court Capital Management Ltd raised its holdings in shares of Tencent Music Entertainment Group by 467.2% in 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% in 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.