Tencent Music Entertainment Group (NYSE:TME) Price Target Raised to $15.00

Tencent Music Entertainment Group (NYSE:TME) had its price target boosted by Mizuho from $13.00 to $15.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s target price indicates a potential upside of 12.11% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Morgan Stanley increased their price target on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. Redburn Atlantic began coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued a “buy” rating and a $12.00 target price on the stock. Bank of America boosted their price target on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a research note on Wednesday, March 20th. UBS Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research note on Wednesday, January 24th. Finally, CLSA started coverage on shares of Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an “outperform” rating and a $10.50 target price on the stock. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.78.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $13.38 on Friday. The company has a market cap of $22.96 billion, a P/E ratio of 30.41, a PEG ratio of 0.83 and a beta of 0.77. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $11.46 and a two-hundred day moving average price of $9.67. Tencent Music Entertainment Group has a 1-year low of $5.70 and a 1-year high of $13.66.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. As a group, analysts anticipate that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors have recently made changes to their positions in the stock. Tobam bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $36,000. Headinvest LLC purchased a new position in shares of Tencent Music Entertainment Group in the third quarter valued at about $39,000. Lindbrook Capital LLC lifted its holdings in Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after buying an additional 2,044 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in Tencent Music Entertainment Group in the third quarter worth about $66,000. 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.