Tencent Music Entertainment Group (NYSE:TME) Price Target Raised to $19.00 at Benchmark

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) had its target price upped by equities researchers at Benchmark from $14.00 to $19.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's target price would suggest a potential upside of 29.60% from the stock's previous close.

A number of other equities analysts have also recently weighed in on the stock. 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 objective for the company in a research report on Wednesday, March 20th. HSBC increased their target price on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a "hold" rating in a research report on Wednesday, March 20th. Mizuho increased their target price on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Friday. UBS Group upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 target price for the company in a research report on Wednesday, January 24th. Finally, Citigroup upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and increased their target price for the company from $9.00 to $13.00 in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.17.

Tencent Music Entertainment Group Price Performance

NYSE:TME traded down $0.14 during trading hours on Tuesday, reaching $14.66. 9,869,696 shares of the company were exchanged, compared to its average volume of 8,576,384. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock's 50-day moving average is $11.67 and its 200-day moving average is $9.84. The firm has a market cap of $25.16 billion, a PE ratio of 33.18, a price-to-earnings-growth ratio of 0.82 and a beta of 0.77. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $14.89.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Tobam purchased a new position in Tencent Music Entertainment Group during the fourth quarter worth about $36,000. Headinvest LLC purchased a new position in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $39,000. Lindbrook Capital LLC boosted its stake in shares of Tencent Music Entertainment Group by 40.9% in the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company's stock valued at $63,000 after purchasing an additional 2,044 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $64,000. Finally, SageView Advisory Group LLC purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $90,000. 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.