Tencent Music Entertainment Group (NYSE:TME) Earns Overweight Rating from Analysts at Barclays

Barclays started coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a report issued on Wednesday, Marketbeat reports. The brokerage issued an overweight rating and a $16.00 price objective on the stock.

TME has been the topic of several other reports. Bank of America dropped their price objective on 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. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Mizuho reduced 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 note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.03.

Tencent Music Entertainment Group Stock Up 1.5 %

Shares of Tencent Music Entertainment Group stock traded up $0.17 during trading hours on Wednesday, reaching $11.79. The company’s stock had a trading volume of 1,840,813 shares, compared to its average volume of 8,600,964. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock’s fifty day simple moving average is $11.34 and its two-hundred day simple moving average is $12.86. The company has a market capitalization of $20.23 billion, a P/E ratio of 23.24, a P/E/G ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a one year low of $6.76 and a one year high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (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 analyst estimates of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. On average, research analysts forecast that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently modified their holdings of TME. Ashton Thomas Private Wealth LLC bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at $37,000. Tobam increased its position in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after buying an additional 957 shares during the period. iA Global Asset Management Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after buying an additional 10,277 shares in the last quarter. Wrapmanager Inc. bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $192,000. Finally, Diversify Advisory Services LLC purchased a new position in Tencent Music Entertainment Group during the third quarter valued at approximately $166,000. Institutional investors 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.