Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Analysts have a consensus “Hold” rating on Tencent Music, with 10 holds and three buys; the average 12-month price target is $17.21.
• TME opened at $8.35 and is trading near the lower end of its 12-month range of $7.70 to $24.25. The company reported quarterly EPS of $0.25 on revenue of $1.31 billion.
• Institutional investors and hedge funds own 24.32% of the stock, with several major funds—including Krane Funds Advisors and Goldman Sachs—recently increasing their positions.

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) have earned an average recommendation of "Hold" from the thirteen research firms that are covering the firm, Marketbeat.com reports. Ten equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $17.21.

TME has been the subject of a number of research reports. Nomura set a $10.00 price objective on Tencent Music Entertainment Group and gave the stock a "neutral" rating in a research report on Thursday, August 13th. China Renaissance lowered shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating and set a $9.30 price target for the company. in a research 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 report on Wednesday, July 1st. UBS Group set a $15.00 price target on shares of Tencent Music Entertainment Group in a report on Wednesday, August 12th. Finally, Mizuho dropped their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 12th.

Tencent Music Entertainment Group Price Performance

TME opened at $8.35 on Friday. The firm has a market capitalization of $13.13 billion, a P/E ratio of 10.30, a PEG ratio of 1.45 and a beta of 0.85. The stock has a fifty day moving average of $8.70 and a 200-day moving average of $9.22. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. Tencent Music Entertainment Group has a 12-month low of $7.70 and a 12-month high of $24.25.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. The business had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%. Equities analysts forecast that Tencent Music Entertainment Group will post 0.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently modified their holdings of the stock. Krane Funds Advisors LLC boosted its position in Tencent Music Entertainment Group by 5.4% during 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 last quarter. Cantillon Capital Management LLC increased its position in Tencent Music Entertainment Group by 1.4% in the 4th quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company's stock worth $327,960,000 after purchasing an additional 256,286 shares during the last quarter. Overlook Investments LP purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $278,022,000. Goldman Sachs Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 7.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company's stock worth $137,843,000 after purchasing an additional 537,047 shares in the last quarter. Finally, Green Court Capital Management Ltd lifted its holdings in shares of Tencent Music Entertainment Group by 467.2% during the 4th quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company's stock valued at $108,729,000 after buying an additional 4,854,084 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group is a China-based online music and audio entertainment company. It operates digital music platforms including QQ Music, Kugou Music and Kuwo Music, which provide users with licensed songs, albums, music videos, playlists, podcasts and other audio content. The company also operates WeSing, a social karaoke service that allows users to sing, record and share performances.

The company generates revenue through music subscriptions, digital advertising, content sales, and social entertainment services such as virtual gifts, live streaming and karaoke-related offerings.

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