Tencent Music Entertainment Group (NYSE:TME) Coverage Initiated by Analysts at Sanford C. Bernstein

Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a research note published on Monday, MarketBeat reports. The brokerage issued an outperform rating and a $14.00 price objective on the stock.

Several other brokerages have also recently commented on TME. Bank of America reduced their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Benchmark decreased their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $12.78.

Tencent Music Entertainment Group Price Performance

TME stock opened at $11.26 on Monday. The stock has a market cap of $19.32 billion, a PE ratio of 22.52, a price-to-earnings-growth ratio of 0.82 and a beta of 0.67. The stock has a 50-day moving average price of $11.29 and a two-hundred day moving average price of $12.87. Tencent Music Entertainment Group has a 1 year low of $6.76 and a 1 year high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The firm had revenue of $985.00 million during the quarter, compared to analyst estimates of $1 billion. Equities analysts forecast that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Wealth Planning LLC bought a new stake in Tencent Music Entertainment Group during the first quarter worth about $2,588,000. Progeny 3 Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $11,436,000. Swedbank AB bought a new position in Tencent Music Entertainment Group in the first quarter valued at approximately $1,980,000. Russell Investments Group Ltd. raised its position in Tencent Music Entertainment Group by 102.8% during the first quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock valued at $7,919,000 after purchasing an additional 358,694 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Tencent Music Entertainment Group by 12.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company’s stock worth $21,267,000 after purchasing an additional 203,224 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

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.