Daiwa America Lowers Tencent Music Entertainment Group (NYSE:TME) to Hold

Daiwa America downgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a strong-buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

Several other research firms have also commented on TME. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an outperform rating to a neutral rating in a research note on Tuesday. Mizuho decreased 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 research note on Wednesday. Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a buy rating for the company in a research note on Wednesday. Finally, Bank of America decreased their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a buy rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $12.72.

Tencent Music Entertainment Group Trading Down 1.4 %

TME opened at $10.97 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.67 and a quick ratio of 2.67. Tencent Music Entertainment Group has a fifty-two week low of $5.96 and a fifty-two week high of $15.77. The firm 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 company’s 50-day moving average is $14.07 and its 200 day moving average is $12.57.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, topping 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 company had revenue of $937.00 million for the quarter, compared to analyst estimates of $904.29 million. As a group, research 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

A number of large investors have recently added to or reduced their stakes in the business. Dorsey Wright & Associates bought a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $2,808,000. The Manufacturers Life Insurance Company raised its stake in shares of Tencent Music Entertainment Group by 58.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after acquiring an additional 2,284,347 shares during the last quarter. MBB Public Markets I LLC bought a new position in shares of Tencent Music Entertainment Group during the second quarter valued at about $750,000. AQR Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 29.4% during the second quarter. AQR Capital Management LLC now owns 1,279,095 shares of the company’s stock valued at $17,888,000 after acquiring an additional 290,573 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Tencent Music Entertainment Group by 328.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,275,482 shares of the company’s stock valued at $17,921,000 after acquiring an additional 978,000 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.