Tencent Music Entertainment Group (NYSE:TME) Stock Rating Lowered by Daiwa America

Tencent Music Entertainment Group (NYSE:TME) was downgraded by equities researchers at Daiwa America from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

Several other equities analysts also recently issued reports on the stock. Mizuho cut their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday. Benchmark reduced their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Bank of America dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.72.

Tencent Music Entertainment Group Trading Up 0.3 %

Shares of NYSE TME opened at $11.15 on Tuesday. The business has a 50-day moving average price of $14.14 and a two-hundred day moving average price of $12.58. Tencent Music Entertainment Group has a one year low of $5.70 and a one year high of $15.77. The firm has a market capitalization of $19.13 billion, a PE ratio of 24.24, a PEG ratio of 0.97 and a beta of 0.68. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Monday, May 13th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The company had revenue of $937.00 million during the quarter, compared to analysts’ expectations of $904.29 million. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. As a group, analysts predict that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several institutional investors have recently modified their holdings of TME. Vanguard Group Inc. boosted its stake in Tencent Music Entertainment Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after purchasing an additional 84,131 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 78.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after purchasing an additional 6,088,504 shares during the period. Norges Bank acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth $105,328,000. Hsbc Holdings PLC grew its holdings in shares of Tencent Music Entertainment Group by 234.7% during the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after buying an additional 7,094,511 shares during the last quarter. Finally, Aspex Management HK Ltd bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $81,542,000. 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.