Tencent Music Entertainment Group (NYSE:TME) Given New $15.00 Price Target at Mizuho

Tencent Music Entertainment Group (NYSE:TME - Free Report) had its target price boosted by Mizuho from $13.00 to $15.00 in a report released on Friday morning, Benzinga reports. Mizuho currently has a buy rating on the stock.

Several other analysts also recently weighed in on the stock. UBS Group raised shares of Tencent Music Entertainment Group from a neutral rating to a buy rating and set a $10.50 price target for the company in a research note on Wednesday, January 24th. Benchmark lifted their price target on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. HSBC increased their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a hold rating in a research note on Wednesday, March 20th. The Goldman Sachs Group upgraded shares of Tencent Music Entertainment Group from a neutral rating to a buy rating and set a $14.00 price target for the company in a report on Wednesday, March 20th. Finally, Citigroup raised shares of Tencent Music Entertainment Group from a neutral rating to a buy rating and raised their price target for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $11.78.

Tencent Music Entertainment Group Price Performance

NYSE TME traded down $0.04 during trading hours on Friday, reaching $13.34. 7,821,458 shares of the stock traded hands, compared to its average volume of 6,897,633. The stock has a 50 day simple moving average of $11.52 and a two-hundred day simple moving average of $9.70. Tencent Music Entertainment Group has a 1 year low of $5.70 and a 1 year high of $13.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49. The company has a market cap of $22.89 billion, a price-to-earnings ratio of 30.32, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. The business had revenue of $971.00 million during the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. On average, analysts predict that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 4.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 648,179 shares of the company's stock valued at $4,135,000 after buying an additional 29,145 shares during the last quarter. Advisor Partners II LLC increased its holdings in Tencent Music Entertainment Group by 19.5% in the 3rd quarter. Advisor Partners II LLC now owns 13,529 shares of the company's stock worth $86,000 after buying an additional 2,207 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Tencent Music Entertainment Group by 4.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,748,469 shares of the company's stock worth $11,155,000 after buying an additional 68,185 shares during the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 15.0% during the 3rd quarter. Yousif Capital Management LLC now owns 26,405 shares of the company's stock valued at $168,000 after acquiring an additional 3,450 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new position in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $66,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.