Nomura lowered shares of Tencent Music Entertainment Group (NYSE:TME – Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday,Zacks.com reports.
Other analysts also recently issued reports about the company. JPMorgan Chase & Co. decreased their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a research note on Wednesday. China Renaissance cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $9.30 price objective on the stock. in a report on Wednesday. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. Finally, Weiss Ratings raised shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.21.
Get Our Latest Analysis on TME
Tencent Music Entertainment Group Price Performance
Tencent Music Entertainment Group (NYSE:TME – Get Free Report) last released its earnings results on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. Tencent Music Entertainment Group had a return on equity of 11.62% and a net margin of 26.27%.The firm had revenue of $1.31 billion during the quarter. On average, research analysts expect that Tencent Music Entertainment Group will post 0.89 EPS for the current fiscal year.
Institutional Investors Weigh In On Tencent Music Entertainment Group
A number of institutional investors have recently added to or reduced their stakes in TME. Allworth Financial LP raised its holdings in shares of Tencent Music Entertainment Group by 63.2% in the 3rd 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 period. Caitong International Asset Management Co. Ltd grew its holdings in shares of Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after purchasing an additional 2,022 shares during the period. Smartleaf Asset Management LLC increased its position in Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Tencent Music Entertainment Group by 83.0% in the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock valued at $59,000 after buying an additional 1,363 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.
Tencent Music Entertainment Group Company Profile
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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