Morgan Stanley Lowers Tencent Music Entertainment Group (NYSE:TME) to Equal Weight

Tencent Music Entertainment Group (NYSE:TME) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $13.00 price target on the stock, down from their previous price target of $15.00. Morgan Stanley’s target price would suggest a potential upside of 5.95% from the stock’s previous close.

A number of other research firms also recently issued reports on TME. Bank of America dropped their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Benchmark dropped their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report 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. Mizuho decreased their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Finally, Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $12.67.

Tencent Music Entertainment Group Trading Up 8.8 %

TME stock opened at $12.27 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $21.06 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 0.88 and a beta of 0.65. The business has a fifty day simple moving average of $11.59 and a 200-day simple moving average of $12.66. Tencent Music Entertainment Group has a 52 week low of $6.09 and a 52 week 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The firm had revenue of $985.00 million for the quarter, compared to analysts’ expectations of $1 billion. Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. On average, equities research analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. QRG Capital Management Inc. grew its position in shares of Tencent Music Entertainment Group by 5.7% during the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock worth $223,000 after buying an additional 860 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Tencent Music Entertainment Group by 0.9% in the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after acquiring an additional 922 shares in the last quarter. Tobam boosted its stake in Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after acquiring an additional 957 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in Tencent Music Entertainment Group by 6.1% during the 2nd quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock worth $379,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after purchasing an additional 2,328 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

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.