Mizuho Trims Tencent Music Entertainment Group (NYSE:TME) Target Price to $16.00

Tencent Music Entertainment Group (NYSE:TME) had its target price cut by Mizuho from $17.00 to $16.00 in a report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts also recently issued reports on TME. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an outperform rating to a neutral rating in a report on Tuesday. Benchmark upped their price target on shares of Tencent Music Entertainment Group from $14.00 to $19.00 and gave the company a buy rating in a research note on Tuesday, May 14th. Finally, Bank of America cut their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a buy rating for the company in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $12.72.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $10.53 on Wednesday. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.09. The firm has a fifty day simple moving average of $14.00 and a 200 day simple moving average of $12.58. Tencent Music Entertainment Group has a 1-year low of $5.96 and a 1-year high of $15.77. The stock has a market capitalization of $18.07 billion, a PE ratio of 22.89, a P/E/G ratio of 0.83 and a beta of 0.68.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently modified their holdings of TME. Norges Bank acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth about $105,328,000. Aspex Management HK Ltd acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $81,542,000. Ninety One UK Ltd bought a new position in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $122,775,000. Hsbc Holdings PLC boosted its position in Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after buying an additional 7,094,511 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 78.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock worth $124,986,000 after buying an additional 6,088,504 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

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.