Tencent Music Entertainment Group (NYSE:TME) Upgraded to Hold at Zacks Research

Tencent Music Entertainment Group (NYSE:TME) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other research analysts also recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and set a $23.00 price objective on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th. Morgan Stanley restated an “equal weight” rating on shares of Tencent Music Entertainment Group in a report on Thursday, March 19th. JPMorgan Chase & Co. dropped their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Daiwa Securities Group restated a “hold” rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, Benchmark restated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.44.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $9.17 on Tuesday. The company has a market capitalization of $14.20 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 0.60 and a beta of 0.81. Tencent Music Entertainment Group has a one year low of $8.44 and a one year high of $26.70. 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 company’s fifty day moving average price is $9.92 and its 200 day moving average price is $14.78.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. The firm had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. As a group, analysts expect that Tencent Music Entertainment Group will post 0.9 earnings per share for the current year.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors have recently made changes to their positions in the business. Allworth Financial LP boosted its position in shares of Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Tencent Music Entertainment Group by 0.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock valued at $2,325,000 after acquiring an additional 610 shares in the last quarter. Vise Technologies Inc. boosted its position in Tencent Music Entertainment Group by 5.0% in the fourth quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock valued at $257,000 after buying an additional 692 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Tencent Music Entertainment Group by 61.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock valued at $37,000 after buying an additional 807 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in Tencent Music Entertainment Group by 1.8% in the fourth quarter. Cerity Partners LLC now owns 52,583 shares of the company’s stock valued at $922,000 after buying an additional 929 shares in the last quarter. 24.32% of the stock is currently 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.