Tencent Music Entertainment Group – (NYSE:TME) Receives Consensus Recommendation of “Buy” from Analysts

Tencent Music Entertainment Group – (NYSE:TME) has been given an average rating of “Buy” by the seventeen ratings firms that are covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $16.09.

A number of analysts have recently commented on TME shares. Jefferies Financial Group started coverage on Tencent Music Entertainment Group in a research note on Monday, August 5th. They issued a “buy” rating and a $16.90 price target for the company. Bank of America lowered their price target on Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. CICC Research started coverage on Tencent Music Entertainment Group in a research note on Thursday, June 13th. They issued a “buy” rating for the company. Loop Capital started coverage on Tencent Music Entertainment Group in a research note on Tuesday, June 4th. They issued a “buy” rating and a $12.89 price target for the company. Finally, Oppenheimer initiated coverage on Tencent Music Entertainment Group in a research note on Monday, July 29th. They issued an “outperform” rating and a $18.00 price target for the company.

Several institutional investors and hedge funds have recently modified their holdings of TME. Price T Rowe Associates Inc. MD grew its position in shares of Tencent Music Entertainment Group by 4,995.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 58,749,764 shares of the company’s stock valued at $880,659,000 after purchasing an additional 57,596,675 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $120,270,000. William Blair Investment Management LLC grew its position in shares of Tencent Music Entertainment Group by 271.3% in the 1st quarter. William Blair Investment Management LLC now owns 5,528,624 shares of the company’s stock valued at $100,065,000 after purchasing an additional 4,039,589 shares during the period. ICONIQ Capital LLC grew its position in shares of Tencent Music Entertainment Group by 257.7% in the 2nd quarter. ICONIQ Capital LLC now owns 4,292,783 shares of the company’s stock valued at $194,291,000 after purchasing an additional 3,092,783 shares during the period. Finally, Morgan Stanley grew its position in shares of Tencent Music Entertainment Group by 147.6% in the 2nd quarter. Morgan Stanley now owns 5,092,556 shares of the company’s stock valued at $76,338,000 after purchasing an additional 3,035,825 shares during the period. Institutional investors and hedge funds own 9.54% of the company’s stock.

Shares of TME stock traded down $0.42 on Friday, reaching $13.58. The company had a trading volume of 10,760,400 shares, compared to its average volume of 4,923,594. The stock has a market cap of $22.90 billion and a PE ratio of 67.90. The company has a 50-day moving average of $13.69 and a 200-day moving average of $15.41. Tencent Music Entertainment Group has a 12 month low of $11.81 and a 12 month high of $19.97.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Monday, August 12th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $859.00 million during the quarter, compared to the consensus estimate of $872.51 million. Analysts anticipate that Tencent Music Entertainment Group will post 0.35 EPS for the current year.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

Recommended Story: Forex

Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.