Tencent Music Entertainment Group (NYSE:TME) Cut to “Neutral” at Daiwa Capital Markets

Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group (NYSE:TME) from an outperform rating to a neutral rating in a report published on Tuesday, Marketbeat reports.

A number of other brokerages have also weighed in on TME. Benchmark raised their price objective on shares of Tencent Music Entertainment Group from $14.00 to $19.00 and gave the company a buy rating in a report on Tuesday, May 14th. Mizuho raised their price objective on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the company a buy rating in a report on Friday, May 10th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $12.72.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $10.97 on Tuesday. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 52 week low of $5.96 and a 52 week high of $15.77. The stock has a market capitalization of $18.83 billion, a PE ratio of 23.85, a P/E/G ratio of 0.97 and a beta of 0.68. The firm has a 50 day moving average of $14.07 and a two-hundred day moving average of $12.57.

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

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently bought and sold shares of TME. Ashton Thomas Private Wealth LLC acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter worth $37,000. Tobam grew its position in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares during the last quarter. Lindbrook Capital LLC grew its position in Tencent Music Entertainment Group by 40.9% during the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after purchasing an additional 2,044 shares during the last quarter. SageView Advisory Group LLC purchased a new position in Tencent Music Entertainment Group during the 4th quarter worth $90,000. Finally, Parallel Advisors LLC grew its position in Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after purchasing an additional 2,328 shares during the last quarter. 24.32% of the stock is currently 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.