Shares of Tencent Music Entertainment Group – (NYSE:TME) have been assigned an average recommendation of “Buy” from the thirteen research firms that are currently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $16.73.

Several research analysts have issued reports on TME shares. HSBC started coverage on Tencent Music Entertainment Group in a research report on Thursday, January 17th. They set a “buy” rating and a $16.00 target price for the company. Zacks Investment Research upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday, March 15th. Stifel Nicolaus reiterated a “hold” rating and issued a $16.00 price target on shares of Tencent Music Entertainment Group in a report on Tuesday, March 12th. JPMorgan Chase & Co. started coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, January 16th. They issued an “overweight” rating and a $16.00 price objective for the company. Finally, Macquarie started coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, February 12th. They issued an “outperform” rating and a $15.03 price objective for the company.

Shares of NYSE:TME opened at $15.01 on Friday. Tencent Music Entertainment Group has a 1 year low of $11.81 and a 1 year high of $19.97. The company has a market cap of $26.17 billion and a price-to-earnings ratio of 75.05.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, March 19th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.53. The business had revenue of $5.40 billion for the quarter, compared to analysts’ expectations of $5.24 billion. The business’s revenue was up 50.5% compared to the same quarter last year. As a group, equities research analysts forecast that Tencent Music Entertainment Group will post 0.36 EPS for the current fiscal year.

Large investors have recently modified their holdings of the stock. Baillie Gifford & Co. increased its position in shares of Tencent Music Entertainment Group by 16.0% during the first quarter. Baillie Gifford & Co. now owns 9,506,034 shares of the company’s stock worth $172,059,000 after purchasing an additional 1,309,945 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Tencent Music Entertainment Group by 271.3% during the first quarter. William Blair Investment Management LLC now owns 5,528,624 shares of the company’s stock worth $100,065,000 after purchasing an additional 4,039,589 shares in the last quarter. Krane Funds Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 17.3% during the first quarter. Krane Funds Advisors LLC now owns 5,360,206 shares of the company’s stock worth $97,020,000 after purchasing an additional 789,610 shares in the last quarter. Segantii Capital Management Ltd increased its position in shares of Tencent Music Entertainment Group by 1,624,202.9% during the first quarter. Segantii Capital Management Ltd now owns 5,019,096 shares of the company’s stock worth $90,846,000 after purchasing an additional 5,018,787 shares in the last quarter. Finally, BlackRock Inc. acquired a new position in shares of Tencent Music Entertainment Group during the first quarter worth $75,251,000. 5.37% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

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