Tencent Music Entertainment Group (NYSE:TME) Announces Quarterly Earnings Results

Tencent Music Entertainment Group (NYSE:TME) announced its quarterly earnings results on Tuesday. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.12), FiscalAI reports. Tencent Music Entertainment Group had a return on equity of 11.13% and a net margin of 34.00%.

Tencent Music Entertainment Group Stock Up 6.4%

Shares of NYSE:TME opened at $15.10 on Tuesday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. The stock’s 50-day moving average is $15.77 and its 200-day moving average is $19.32. Tencent Music Entertainment Group has a 52-week low of $11.71 and a 52-week high of $26.70.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently added to or reduced their stakes in TME. Credit Agricole S A acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth approximately $443,000. HighTower Advisors LLC grew its stake in shares of Tencent Music Entertainment Group by 28.4% in the fourth quarter. HighTower Advisors LLC now owns 22,705 shares of the company’s stock worth $398,000 after acquiring an additional 5,026 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Tencent Music Entertainment Group by 18.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 21,000 shares of the company’s stock worth $368,000 after acquiring an additional 3,300 shares during the period. Bridgefront Capital LLC bought a new position in Tencent Music Entertainment Group during the fourth quarter worth $343,000. Finally, Brooklyn Investment Group raised its stake in Tencent Music Entertainment Group by 169.2% during the 3rd quarter. Brooklyn Investment Group now owns 12,134 shares of the company’s stock valued at $283,000 after purchasing an additional 7,627 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TME. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Morgan Stanley decreased their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.79.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.