Sanford C. Bernstein Initiates Coverage on Tencent Music Entertainment Group (NYSE:TME)

Research analysts at Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a note issued to investors on Monday, MarketBeat.com reports. The firm set an “outperform” rating and a $14.00 price target on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 19.30% from the stock’s current price.

A number of other equities research analysts have also weighed in on the company. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. 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 report on Wednesday, August 14th. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Bank of America dropped their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Four 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, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $12.78.

Tencent Music Entertainment Group Trading Up 4.2 %

NYSE TME opened at $11.74 on Monday. 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 $11.31 and its 200-day moving average price is $12.87. The stock has a market cap of $20.14 billion, a PE ratio of 23.47, a PEG ratio of 0.82 and a beta of 0.67. 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) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The company had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. Equities research analysts forecast 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

Several institutional investors and hedge funds have recently bought and sold shares of TME. Aigen Investment Management LP purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $601,000. GSA Capital Partners LLP increased its position in Tencent Music Entertainment Group by 47.9% during the 3rd quarter. GSA Capital Partners LLP now owns 163,027 shares of the company’s stock valued at $1,964,000 after buying an additional 52,818 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in Tencent Music Entertainment Group by 1,583.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 302,696 shares of the company’s stock valued at $3,647,000 after buying an additional 284,718 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Tencent Music Entertainment Group by 30.7% in the third quarter. Crossmark Global Holdings Inc. now owns 38,460 shares of the company’s stock worth $464,000 after acquiring an additional 9,036 shares in the last quarter. Finally, Fiera Capital Corp grew its stake in shares of Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after acquiring an additional 75,991 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other 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.