Mizuho Issues Positive Forecast for Tencent Music Entertainment Group (NYSE:TME) Stock Price

Tencent Music Entertainment Group (NYSE:TME) had its target price lifted by Mizuho from $16.00 to $17.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s target price indicates a potential upside of 12.61% from the company’s previous close.

Separately, Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and a consensus price target of $14.16.

Tencent Music Entertainment Group Stock Up 15.6 %

Shares of Tencent Music Entertainment Group stock opened at $15.10 on Wednesday. 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 12 month low of $9.41 and a 12 month high of $15.77. The business has a fifty day simple moving average of $12.22 and a 200 day simple moving average of $11.75. The stock has a market cap of $25.91 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 18th. The company reported $1.47 earnings per share for the quarter, topping the consensus estimate of $0.19 by $1.28. The firm had revenue of $7.46 billion for the quarter, compared to analyst estimates of $1.01 billion. Tencent Music Entertainment Group had a return on equity of 10.67% and a net margin of 21.53%. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.00 earnings per share. Research analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $286,000. GF Fund Management CO. LTD. acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $11,411,000. Burgundy Asset Management Ltd. increased its position in shares of Tencent Music Entertainment Group by 30.3% in the fourth quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company’s stock valued at $476,000 after acquiring an additional 9,755 shares during the last quarter. Vise Technologies Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at about $169,000. Finally, Vident Advisory LLC increased its position in shares of Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company’s stock valued at $214,000 after acquiring an additional 3,538 shares during the last quarter. 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.