Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Average Rating of "Hold" by Brokerages

Key Points

• Tencent Music Entertainment Group has an average analyst rating of "Hold" from 14 brokerages, with 8 hold ratings and 6 buy ratings. The consensus 12-month price target is about $21.44.
• Recent analyst moves were mixed: Jefferies kept a buy rating with a $23 target, while UBS cut its target to $13 and stayed neutral. Barclays and Mizuho also lowered targets but maintained positive ratings.
• The stock traded around $8.88, near its 52-week low of $7.94 and well below its 52-week high of $26.70. The company reported $0.11 EPS on $1.15 billion in quarterly revenue, and analysts expect full-year EPS of 0.9.

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) has earned an average recommendation of "Hold" from the fourteen ratings firms that are presently covering the firm, Marketbeat reports. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $21.4417.

Several analysts recently issued reports on TME shares. Jefferies Financial Group reaffirmed a "buy" rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. UBS Group reissued a "neutral" rating and issued a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 19th. Barclays reduced their price target on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 19th. Finally, Mizuho decreased 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.

Tencent Music Entertainment Group Stock Up 0.3%

Shares of Tencent Music Entertainment Group stock traded up $0.03 during trading hours on Friday, hitting $8.88. 4,432,494 shares of the company's stock traded hands, compared to its average volume of 8,259,004. Tencent Music Entertainment Group has a twelve month low of $7.94 and a twelve month high of $26.70. The company has a market cap of $13.97 billion, a PE ratio of 11.09, a PEG ratio of 0.58 and a beta of 0.82. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The stock has a 50 day simple moving average of $8.93 and a 200-day simple moving average of $12.15.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Schroder Investment Management Group increased its stake in 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 purchasing an additional 18,554,567 shares during the last quarter. Overlook Investments LP bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth about $278,022,000. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $94,360,000. Green Court Capital Management Ltd boosted its holdings in shares of Tencent Music Entertainment Group by 467.2% in 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 period. Finally, Invesco Ltd. grew its position in shares of Tencent Music Entertainment Group by 195.9% during the 4th quarter. Invesco Ltd. now owns 6,991,937 shares of the company's stock valued at $122,569,000 after buying an additional 4,629,058 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

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.

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