JPMorgan Chase & Co. Has Lowered Expectations for Tencent Music Entertainment Group (NYSE:TME) Stock Price

Tencent Music Entertainment Group (NYSE:TME) had its price objective decreased by JPMorgan Chase & Co. from $12.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 15.73% from the company’s previous close.

TME has been the subject of several other reports. Barclays decreased their price target on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. Daiwa Securities Group reaffirmed a “hold” rating and issued a $12.00 target price on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. UBS Group reaffirmed a “neutral” rating and issued a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Finally, Zacks Research lowered Tencent Music Entertainment Group from a “hold” rating to a “strong sell” rating in a research report on Friday, April 17th. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $21.44.

Tencent Music Entertainment Group Stock Down 3.3%

Shares of TME stock traded down $0.30 during trading on Thursday, hitting $8.64. 6,315,429 shares of the company were exchanged, compared to its average volume of 8,918,835. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. The firm has a market capitalization of $13.38 billion, a price-to-earnings ratio of 10.79, a P/E/G ratio of 0.59 and a beta of 0.81. The business’s 50-day simple moving average is $10.41 and its 200 day simple moving average is $15.28. Tencent Music Entertainment Group has a twelve month low of $8.60 and a twelve month high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. The business had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.04%. As a group, analysts forecast that Tencent Music Entertainment Group will post 0.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. grew its holdings in Tencent Music Entertainment Group by 10.4% during the first quarter. Sei Investments Co. now owns 3,980,820 shares of the company’s stock valued at $36,942,000 after purchasing an additional 374,586 shares during the last quarter. NewEdge Wealth LLC acquired a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $106,000. First Trust Advisors LP grew its holdings in Tencent Music Entertainment Group by 1,023.3% during the first quarter. First Trust Advisors LP now owns 554,438 shares of the company’s stock valued at $5,145,000 after purchasing an additional 505,080 shares during the last quarter. Barometer Capital Management Inc. acquired a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $745,000. Finally, XY Capital Ltd grew its holdings in Tencent Music Entertainment Group by 251.3% during the first quarter. XY Capital Ltd now owns 338,618 shares of the company’s stock valued at $3,142,000 after purchasing an additional 242,218 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.