Sanford C. Bernstein Initiates Coverage on Tencent Music Entertainment Group (NYSE:TME)

Stock analysts at Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $14.00 price target on the stock. Sanford C. Bernstein’s target price points to a potential upside of 19.30% from the company’s previous close.

A number of other analysts have also weighed in on TME. Benchmark cut their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Bank of America cut their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Mizuho decreased their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $12.78.

Tencent Music Entertainment Group Stock Up 4.2 %

Tencent Music Entertainment Group stock opened at $11.74 on Monday. The business’s 50-day simple moving average is $11.31 and its two-hundred day simple moving average is $12.87. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $20.14 billion, a PE ratio of 23.47, a PEG ratio of 0.82 and a beta of 0.67. Tencent Music Entertainment Group has a fifty-two week low of $6.76 and a fifty-two week high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Equities analysts anticipate that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Wealth Planning LLC acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter valued at about $2,588,000. Progeny 3 Inc. acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter worth about $11,436,000. Swedbank AB purchased a new stake in Tencent Music Entertainment Group during the 1st quarter worth approximately $1,980,000. Russell Investments Group Ltd. raised its holdings in shares of Tencent Music Entertainment Group by 102.8% during the first quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock valued at $7,919,000 after acquiring an additional 358,694 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Tencent Music Entertainment Group by 12.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,900,511 shares of the company’s stock valued at $21,267,000 after acquiring an additional 203,224 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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.