Tencent Music Entertainment Group (NYSE:TME) Downgraded to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of Tencent Music Entertainment Group (NYSE:TME) from an overweight rating to an equal weight rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have $13.00 price target on the stock, down from their previous price target of $15.00.

Other analysts have also recently issued reports about the stock. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an outperform rating to a neutral rating in a report on Tuesday, August 13th. Daiwa America cut shares of Tencent Music Entertainment Group from a strong-buy rating to a hold rating in a research report on Tuesday, August 13th. Bank of America decreased their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a buy rating on the stock in a report on Wednesday, August 14th. Mizuho reduced their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an outperform rating on the stock in a research report on Wednesday, August 14th. Finally, Benchmark lowered their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a buy rating for the company in a report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $12.67.

Tencent Music Entertainment Group Trading Up 0.1 %

NYSE:TME opened at $12.28 on Wednesday. Tencent Music Entertainment Group has a one year low of $6.09 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company’s 50-day simple moving average is $11.50 and its 200 day simple moving average is $12.67. The firm has a market capitalization of $21.07 billion, a P/E ratio of 26.70, a PEG ratio of 0.88 and a beta of 0.65.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The firm had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. As a group, analysts forecast that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its stake in Tencent Music Entertainment Group by 10.8% in the second quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock worth $1,185,000 after acquiring an additional 8,216 shares during the period. Creative Planning boosted its stake in Tencent Music Entertainment Group by 19.7% in the second quarter. Creative Planning now owns 81,560 shares of the company’s stock valued at $1,146,000 after acquiring an additional 13,421 shares in the last quarter. 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 in the last quarter. SIH Partners LLLP purchased a new position in shares of Tencent Music Entertainment Group in the second quarter worth $282,000. Finally, Dorsey Wright & Associates purchased a new position in shares of Tencent Music Entertainment Group in the second quarter worth $2,808,000. 24.32% of the stock is currently owned by institutional investors.

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.