Tencent Music Entertainment Group (NYSE:TME) Price Target Cut to $15.00

Tencent Music Entertainment Group (NYSE:TME) had its price objective cut by Benchmark from $19.00 to $15.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

TME has been the subject of a number of other reports. Mizuho decreased their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an outperform rating for the company in a report on Wednesday. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an outperform rating to a neutral rating in a research report on Tuesday. Finally, Bank of America reduced their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a buy rating for the company in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $12.72.

Tencent Music Entertainment Group Stock Up 0.3 %

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

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $937.00 million during the quarter, compared to analyst estimates of $904.29 million. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. As a group, equities research analysts predict that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently made changes to their positions in TME. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $37,000. Tobam grew its position in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. Lindbrook Capital LLC raised its stake in Tencent Music Entertainment Group by 40.9% during the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after acquiring an additional 2,044 shares in the last quarter. SageView Advisory Group LLC acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth about $90,000. Finally, Parallel Advisors LLC lifted its holdings in shares of Tencent Music Entertainment Group by 27.1% in the fourth quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after acquiring an additional 2,328 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

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.