Tencent Music Entertainment Group (NYSE:TME) Coverage Initiated at Sanford C. Bernstein

Investment analysts at Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a research note issued to investors on Monday, Marketbeat.com reports. The firm set an “outperform” rating and a $14.00 price target on the stock. Sanford C. Bernstein’s price objective suggests a potential upside of 25.90% from the stock’s previous close.

A number of other research firms also recently weighed in on TME. Benchmark decreased their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. 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 on the stock in a research note on Wednesday, August 14th. Mizuho decreased 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 note on Wednesday, August 14th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Finally, Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.78.

Tencent Music Entertainment Group Trading Down 0.1 %

Shares of Tencent Music Entertainment Group stock opened at $11.12 on Monday. The company’s fifty day simple moving average is $11.28 and its 200-day simple moving average is $12.87. The company has a market cap of $19.08 billion, a price-to-earnings ratio of 22.24, a PEG ratio of 0.82 and a beta of 0.67. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1 year low of $6.76 and a 1 year high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $985.00 million for the quarter, compared to analyst estimates of $1 billion. As a group, sell-side analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Capital Wealth Planning LLC bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at about $2,588,000. Progeny 3 Inc. bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at about $11,436,000. Swedbank AB bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at about $1,980,000. Russell Investments Group Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 102.8% in the first quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock valued at $7,919,000 after buying an additional 358,694 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Tencent Music Entertainment Group by 12.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company’s stock valued at $21,267,000 after buying an additional 203,224 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

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.