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

Tencent Music Entertainment Group (NYSE:TME) had its price objective decreased by Bank of America from $18.00 to $15.00 in a report issued on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Mizuho upped 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, May 10th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an outperform rating to a neutral rating in a report on Tuesday. Finally, Benchmark raised their price target on Tencent Music Entertainment Group from $14.00 to $19.00 and gave the stock a buy rating in a research report on Tuesday, May 14th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of Moderate Buy and an average price target of $12.72.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $11.15 on Wednesday. The stock has a 50-day moving average price of $14.14 and a 200 day moving average price of $12.58. The stock has a market capitalization of $19.13 billion, a P/E ratio of 24.24, a P/E/G ratio of 0.97 and a beta of 0.68. Tencent Music Entertainment Group has a 12-month low of $5.70 and a 12-month high of $15.77. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. The company had revenue of $937.00 million during the quarter, compared to analysts’ expectations of $904.29 million. Equities research analysts forecast that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently made changes to their positions in TME. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $105,328,000. Aspex Management HK Ltd purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $81,542,000. Ninety One UK Ltd bought a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $122,775,000. Hsbc Holdings PLC boosted its position in Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after buying an additional 7,094,511 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Tencent Music Entertainment Group by 78.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after buying an additional 6,088,504 shares during the period. 24.32% of the stock is currently owned by institutional investors.

About Tencent Music Entertainment Group

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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.