Tencent Music Entertainment Group (NYSE:TME) PT Lowered to $15.00

Tencent Music Entertainment Group (NYSE:TME) had its target price cut by Bank of America from $18.00 to $15.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Benchmark lifted their price objective on Tencent Music Entertainment Group from $14.00 to $19.00 and gave the company a buy rating in a research report on Tuesday, May 14th. Mizuho lifted their price target on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the company a buy rating in a report on Friday, May 10th. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an outperform rating to a neutral rating in a research report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $12.72.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $10.53 on Wednesday. The stock has a market capitalization of $18.07 billion, a P/E ratio of 22.89, a price-to-earnings-growth ratio of 0.83 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 has a 1 year low of $5.96 and a 1 year high of $15.77. The firm has a 50 day moving average of $14.00 and a 200-day moving average of $12.61.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TME. Creative Planning grew its position in shares of Tencent Music Entertainment Group by 19.7% during the 2nd quarter. Creative Planning now owns 81,560 shares of the company’s stock worth $1,146,000 after buying an additional 13,421 shares during the period. Driehaus Capital Management LLC boosted its stake in Tencent Music Entertainment Group by 37.0% in the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after acquiring an additional 1,925,124 shares during the last quarter. SIH Partners LLLP acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter worth $282,000. Dorsey Wright & Associates bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at $2,808,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Tencent Music Entertainment Group by 58.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after purchasing an additional 2,284,347 shares during the period. 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.