China Renaissance Upgrades Tencent Music Entertainment Group (NYSE:TME) to “Strong-Buy”

Tencent Music Entertainment Group (NYSE:TME) was upgraded by investment analysts at China Renaissance from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.

A number of other research analysts have also weighed in on TME. Mizuho dropped their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Nomura set a $10.00 price objective on shares of Tencent Music Entertainment Group and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, September 28th. Finally, UBS Group set a $15.00 target price on shares of Tencent Music Entertainment Group in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Hold” and an average target price of $17.21.

Tencent Music Entertainment Group Stock Down 0.3%

Shares of NYSE:TME opened at $8.47 on Wednesday. The stock has a market cap of $13.34 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 1.49 and a beta of 0.78. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. Tencent Music Entertainment Group has a 12-month low of $7.66 and a 12-month high of $23.85. The business’s 50 day moving average is $8.38 and its 200 day moving average is $8.86.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%. The business had revenue of $1.31 billion during the quarter. On average, sell-side analysts forecast that Tencent Music Entertainment Group will post 0.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several large investors have recently made changes to their positions in the business. Overlook Investments LP bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $278,022,000. Carmignac Gestion grew its position in Tencent Music Entertainment Group by 2,635.9% during the first quarter. Carmignac Gestion now owns 2,881,153 shares of the company’s stock valued at $26,740,000 after buying an additional 2,775,843 shares during the period. Public Employees Retirement System of Ohio bought a new position in Tencent Music Entertainment Group during the second quarter valued at about $21,974,000. Pale Fire Capital SE bought a new position in Tencent Music Entertainment Group during the second quarter valued at about $9,141,000. Finally, Bank of America Corp DE grew its position in Tencent Music Entertainment Group by 71.6% during the first quarter. Bank of America Corp DE now owns 1,825,895 shares of the company’s stock valued at $16,944,000 after buying an additional 761,787 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based online music and audio entertainment company. It operates digital music and entertainment platforms that provide music streaming, digital content, social interaction and other music-related services to users primarily in China.

The company’s principal services include QQ Music, Kugou Music and Kuwo Music, which offer licensed music, personalized recommendations, digital albums and other audio content. Tencent Music also operates WeSing, a karaoke and social entertainment platform, along with live-streaming, advertising, artist services and other products designed to connect musicians, content creators and audiences.

Tencent Music was established in 2016 through the combination of Tencent’s music businesses and China Music Corporation.