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

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

Several other equities analysts also recently commented on TME. Mizuho cut their price objective on 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. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a report on Monday. They set an "outperform" rating and a $14.00 price objective for the company. Benchmark dropped their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, August 14th. 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 note on Wednesday, August 14th. Finally, Daiwa America cut Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Four 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, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and a consensus target price of $13.03.

Tencent Music Entertainment Group Trading Down 0.9 %

Shares of TME stock traded down $0.11 during trading hours on Wednesday, reaching $11.62. 6,375,892 shares of the stock were exchanged, compared to its average volume of 8,632,315. The firm has a market capitalization of $19.94 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a 12-month low of $6.76 and a 12-month high of $15.77. The company's 50-day moving average price is $11.34 and its 200-day moving average price is $12.86. 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 - Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The business had revenue of $985.00 million for the quarter, compared to analysts' expectations of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. As a group, equities analysts anticipate that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of large investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Tencent Music Entertainment Group by 12.0% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company's stock worth $21,267,000 after buying an additional 203,224 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Tencent Music Entertainment Group by 10.5% in the first quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company's stock worth $610,000 after purchasing an additional 5,175 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Tencent Music Entertainment Group by 25.0% during the first quarter. Daiwa Securities Group Inc. now owns 19,500 shares of the company's stock worth $218,000 after purchasing an additional 3,900 shares in the last quarter. OPTIMAS CAPITAL Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at $5,131,000. Finally, Capital Wealth Planning LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth $2,588,000. 24.32% of the stock is currently owned by institutional investors.

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.