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

Stock analysts at Barclays began coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a report released on Wednesday, Marketbeat reports. The brokerage set an “overweight” rating and a $16.00 price target on the stock. Barclays‘s price target points to a potential upside of 35.71% from the company’s current price.

Several other equities analysts also recently issued reports on the company. Mizuho cut their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Bank of America lowered their target price on 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, Benchmark lowered their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.03.

Tencent Music Entertainment Group Trading Up 1.5 %

Shares of TME opened at $11.79 on Wednesday. The stock has a fifty day moving average price of $11.34 and a two-hundred day moving average price of $12.86. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 52-week low of $6.76 and a 52-week high of $15.77. The company has a market cap of $20.23 billion, a price-to-earnings ratio of 23.58, a PEG ratio of 0.83 and a beta of 0.67.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data 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). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. Analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently made changes to their positions in TME. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Tencent Music Entertainment Group by 12.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company’s stock worth $21,267,000 after purchasing an additional 203,224 shares during the period. Janney Montgomery Scott LLC grew its stake 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 valued at $610,000 after acquiring an additional 5,175 shares during the period. Daiwa Securities Group Inc. grew its stake in Tencent Music Entertainment Group by 25.0% in the first quarter. Daiwa Securities Group Inc. now owns 19,500 shares of the company’s stock valued at $218,000 after acquiring an additional 3,900 shares during the period. OPTIMAS CAPITAL Ltd acquired a new position in Tencent Music Entertainment Group in the first quarter valued at about $5,131,000. Finally, Capital Wealth Planning LLC acquired a new position in Tencent Music Entertainment Group in the first quarter valued at about $2,588,000. 24.32% of the stock is owned by institutional investors and hedge funds.

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.