Tencent Music Entertainment Group (NYSE:TME) Downgraded by Daiwa America

Daiwa America lowered shares of Tencent Music Entertainment Group (NYSE:TME) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. Mizuho cut their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an outperform rating on the stock in a report on Wednesday. Benchmark cut their price objective on Tencent Music Entertainment Group from $19.00 to $15.00 and set a buy rating on the stock in a report on Wednesday. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an outperform rating to a neutral rating in a report on Tuesday. Finally, Bank of America cut their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a buy rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of Moderate Buy and a consensus target price of $12.72.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $10.97 on Tuesday. Tencent Music Entertainment Group has a 52 week low of $5.96 and a 52 week high of $15.77. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $18.83 billion, a P/E ratio of 23.85, a P/E/G ratio of 0.97 and a beta of 0.68. The stock’s fifty day moving average is $14.07 and its two-hundred day moving average is $12.57.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Monday, May 13th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Tencent Music Entertainment Group had a return on equity of 9.85% and a net margin of 18.88%. The company had revenue of $937.00 million for the quarter, compared to the consensus estimate of $904.29 million. Equities analysts expect that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TME. Federated Hermes Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $2,690,000. abrdn plc boosted its position in shares of Tencent Music Entertainment Group by 2.8% in the 4th quarter. abrdn plc now owns 256,107 shares of the company’s stock valued at $2,308,000 after purchasing an additional 6,931 shares during the period. Lindbrook Capital LLC boosted its position in shares of Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after purchasing an additional 2,044 shares during the period. Signaturefd LLC boosted its position in shares of Tencent Music Entertainment Group by 5.1% in the 4th quarter. Signaturefd LLC now owns 33,465 shares of the company’s stock valued at $302,000 after purchasing an additional 1,628 shares during the period. Finally, Beck Bode LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $230,000. 24.32% of the stock is owned by institutional investors and hedge funds.

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.