Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $21.44 Consensus Target Price from Brokerages

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given a consensus recommendation of “Hold” by the fourteen analysts that are currently covering the stock, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $21.4417.

A number of research analysts have recently commented on the company. Mizuho dropped their price target on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Barclays dropped their price objective on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. Finally, 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.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors have recently modified their holdings of the business. Schroder Investment Management Group raised its position in Tencent Music Entertainment Group by 30.0% during the 4th 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 last quarter. Overlook Investments LP bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $278,022,000. Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $94,360,000. Green Court Capital Management Ltd raised its position 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 worth $108,729,000 after acquiring an additional 4,854,084 shares during the last quarter. Finally, Invesco Ltd. raised its position 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 worth $122,569,000 after acquiring an additional 4,629,058 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 4.3%

TME opened at $9.24 on Friday. The company’s 50 day moving average is $8.90 and its 200-day moving average is $11.87. Tencent Music Entertainment Group has a 1-year low of $7.94 and a 1-year high of $26.70. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The company has a market cap of $14.54 billion, a P/E ratio of 11.55, a PEG ratio of 0.58 and a beta of 0.82.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The business had revenue of $1.15 billion during the quarter. Equities research analysts predict that Tencent Music Entertainment Group will post 0.9 earnings per share for the current fiscal year.

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.