Tencent Music Entertainment Group (NYSE:TME) Raised to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Tencent Music Entertainment Group (NYSE:TMEGet Rating) from a neutral rating to an overweight rating in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have $7.70 price objective on the stock, up from their previous price objective of $4.80.

Several other equities analysts have also recently issued reports on the company. The Goldman Sachs Group dropped their price target on Tencent Music Entertainment Group from $5.40 to $4.40 in a research report on Sunday, November 6th. Benchmark raised Tencent Music Entertainment Group from a hold rating to a buy rating and set a $7.00 price objective for the company in a research note on Wednesday, November 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $6.23.

Tencent Music Entertainment Group Stock Up 4.2 %

TME opened at $6.00 on Monday. The business’s 50-day simple moving average is $4.28 and its 200-day simple moving average is $4.42. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.15 and a current ratio of 2.15. Tencent Music Entertainment Group has a one year low of $2.95 and a one year high of $7.66. The stock has a market capitalization of $10.17 billion, a P/E ratio of 21.43, a price-to-earnings-growth ratio of 1.03 and a beta of 0.63.

Tencent Music Entertainment Group (NYSE:TMEGet Rating) last posted its earnings results on Tuesday, November 15th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Tencent Music Entertainment Group had a return on equity of 6.74% and a net margin of 10.61%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Analysts anticipate that Tencent Music Entertainment Group will post 0.3 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of large investors have recently modified their holdings of TME. E Fund Management Hong Kong Co. Ltd. raised its stake in shares of Tencent Music Entertainment Group by 136.0% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 391,594 shares of the company’s stock worth $1,942,000 after buying an additional 225,634 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Tencent Music Entertainment Group by 112.8% during the 1st quarter. SG Americas Securities LLC now owns 199,448 shares of the company’s stock worth $971,000 after buying an additional 105,719 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Tencent Music Entertainment Group by 32.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 31,091 shares of the company’s stock worth $151,000 after buying an additional 7,680 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Tencent Music Entertainment Group by 12.7% during the 1st quarter. New York State Common Retirement Fund now owns 224,148 shares of the company’s stock worth $1,092,000 after buying an additional 25,286 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Tencent Music Entertainment Group by 15,128.2% during the 1st quarter. National Bank of Canada FI now owns 1,371,298 shares of the company’s stock worth $5,956,000 after buying an additional 1,362,293 shares in the last quarter. 22.62% of the stock is owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

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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 and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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