Tencent Music Entertainment Group (NYSE:TME) Downgraded to Hold Rating by Nomura

Tencent Music Entertainment Group (NYSE:TME) was downgraded by equities researchers at Nomura from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. UBS Group set a $15.00 price objective on Tencent Music Entertainment Group in a report on Wednesday. JPMorgan Chase & Co. reduced their target price on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating for the company in a research report on Wednesday. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Finally, Zacks Research raised shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.21.

Tencent Music Entertainment Group Stock Up 2.3%

Shares of Tencent Music Entertainment Group stock opened at $8.65 on Thursday. Tencent Music Entertainment Group has a 1-year low of $7.94 and a 1-year high of $26.70. The company has a market capitalization of $13.62 billion, a PE ratio of 10.69, a P/E/G ratio of 1.45 and a beta of 0.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.08. The business has a 50-day moving average of $8.95 and a 200-day moving average of $10.75.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 EPS for the quarter. The business had revenue of $1.31 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.62% and a net margin of 26.27%. As a group, equities analysts forecast that Tencent Music Entertainment Group will post 0.89 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Avise Financial Cooperative Inc. bought a new position in shares of Tencent Music Entertainment Group in the 2nd quarter worth about $101,000. Working Capital Advisors UK Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $3,340,000,000. Carmignac Gestion grew its position in shares of Tencent Music Entertainment Group by 2,635.9% during the 1st quarter. Carmignac Gestion now owns 2,881,153 shares of the company’s stock valued at $26,740,000 after buying an additional 2,775,843 shares during the last quarter. NewEdge Advisors LLC raised its stake in Tencent Music Entertainment Group by 4.6% during the first quarter. NewEdge Advisors LLC now owns 66,895 shares of the company’s stock worth $621,000 after acquiring an additional 2,938 shares during the period. Finally, Bank of America Corp DE raised its stake in Tencent Music Entertainment Group by 71.6% during the first quarter. Bank of America Corp DE now owns 1,825,895 shares of the company’s stock worth $16,944,000 after acquiring an additional 761,787 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

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.