Analysts Set Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Target Price at $21.44

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME – Get Free Report) has been given a consensus recommendation of “Hold” by the fourteen analysts that are currently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $21.4417.

TME has been the topic of a number of research reports. JPMorgan Chase & Co. reduced their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. Weiss Ratings raised Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. Finally, Mizuho decreased their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th.

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP increased its position in Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after purchasing an additional 573 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Tencent Music Entertainment Group by 5,777.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after acquiring an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Tencent Music Entertainment Group by 61.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after acquiring an additional 807 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC raised its position in Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after purchasing an additional 1,363 shares during the period. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Down 1.2%

Shares of TME opened at $9.13 on Friday. The business’s 50 day moving average is $8.90 and its 200 day moving average is $11.85. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. Tencent Music Entertainment Group has a 12-month low of $7.94 and a 12-month high of $26.70. The company has a market capitalization of $14.37 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 0.59 and a beta of 0.82.

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

About Tencent Music Entertainment Group

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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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