Tencent Music Entertainment Group – (NYSE:TME) has been assigned a consensus recommendation of “Buy” from the fifteen brokerages that are presently covering the stock, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $15.47.
TME has been the topic of a number of research analyst reports. Zacks Investment Research raised Tencent Music Entertainment Group from a “sell” rating to a “hold” rating in a report on Friday, March 13th. BOCOM International raised Tencent Music Entertainment Group from a “sell” rating to a “neutral” rating in a report on Wednesday, March 18th. ValuEngine lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Thursday. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $15.00 to $16.00 in a report on Thursday, March 12th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $14.00 target price on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th.
Several large investors have recently added to or reduced their stakes in the stock. Wiley BROS. Aintree Capital LLC acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at $111,000. Quadrant Capital Group LLC boosted its position in Tencent Music Entertainment Group by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 6,238 shares of the company’s stock worth $73,000 after acquiring an additional 1,214 shares during the period. Macquarie Group Ltd. boosted its position in Tencent Music Entertainment Group by 17.5% during the 4th quarter. Macquarie Group Ltd. now owns 341,134 shares of the company’s stock worth $4,005,000 after acquiring an additional 50,900 shares during the period. Franklin Resources Inc. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $507,000. Finally, Norges Bank acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $9,850,000. Institutional investors and hedge funds own 16.37% of the company’s stock.
Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Monday, March 16th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.71. The company had revenue of $7.29 billion for the quarter, compared to analyst estimates of $7.08 billion. Tencent Music Entertainment Group had a return on equity of 10.66% and a net margin of 15.69%. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period last year, the company earned $0.57 earnings per share. On average, research analysts forecast that Tencent Music Entertainment Group will post 0.32 earnings per share for the current fiscal year.
About Tencent Music Entertainment Group
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.
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