Tencent Music Entertainment Group (NYSE:TME) Now Covered by Barclays

Barclays initiated coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a research report report published on Wednesday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $16.00 price objective on the stock.

Other analysts also recently issued research reports about the stock. Bank of America decreased their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target for the company. Mizuho reduced their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Benchmark dropped their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.03.

Tencent Music Entertainment Group Trading Down 3.3 %

TME opened at $11.39 on Wednesday. Tencent Music Entertainment Group has a 52-week low of $6.76 and a 52-week high of $15.77. The firm has a market capitalization of $19.55 billion, a P/E ratio of 22.78, a P/E/G ratio of 0.86 and a beta of 0.67. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $11.39 and its 200-day moving average is $12.85.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. Analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

Large investors have recently modified their holdings of the company. Intech Investment Management LLC grew its position in Tencent Music Entertainment Group by 9.1% in the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after purchasing an additional 1,664 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Tencent Music Entertainment Group by 150.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,823,722 shares of the company’s stock worth $21,976,000 after buying an additional 1,094,714 shares during the period. Jennison Associates LLC grew its holdings in Tencent Music Entertainment Group by 93.2% in the 3rd quarter. Jennison Associates LLC now owns 2,818,867 shares of the company’s stock worth $33,967,000 after buying an additional 1,359,691 shares in the last quarter. Avior Wealth Management LLC increased its position in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Tencent Music Entertainment Group during the 3rd quarter valued at $2,270,000. Institutional investors and hedge funds 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.