Tencent Music Entertainment Group (NYSE:TME) Now Covered by Sanford C. Bernstein

Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) in a report issued on Monday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $14.00 price target on the stock.

A number of other equities research analysts have also issued reports on the company. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research report on Tuesday, August 13th. Morgan Stanley downgraded Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $15.00 to $13.00 in a 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 report on Wednesday, August 14th. Mizuho dropped their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 14th. Finally, Daiwa America downgraded shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $12.78.

Tencent Music Entertainment Group Stock Performance

TME stock traded up $0.14 during trading on Monday, reaching $11.26. 4,244,027 shares of the company's stock were exchanged, compared to its average volume of 8,659,893. The firm has a market cap of $19.32 billion, a PE ratio of 22.50, a P/E/G ratio of 0.82 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. Tencent Music Entertainment Group has a 1-year low of $6.76 and a 1-year high of $15.77. The company's fifty day moving average price is $11.28 and its 200-day moving average price is $12.87.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $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 worth $49,000 after acquiring an additional 957 shares in the last quarter. iA Global Asset Management Inc. grew its position in Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock worth $131,000 after acquiring an additional 10,277 shares in the last quarter. Wrapmanager Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth $192,000. Finally, Diversify Advisory Services LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $166,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Company Profile

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.