Tencent Music Entertainment Group (NYSE:TME) Given New $19.00 Price Target at Benchmark

Tencent Music Entertainment Group (NYSE:TMEFree Report) had its price target hoisted by Benchmark from $14.00 to $19.00 in a research note issued to investors on Tuesday, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on TME. Citigroup raised shares of Tencent Music Entertainment Group from a neutral rating to a buy rating and raised their target price for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. UBS Group upgraded Tencent Music Entertainment Group from a neutral rating to a buy rating and set a $10.50 price objective for the company in a research report on Wednesday, January 24th. HSBC increased their target price on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a hold rating in a research report on Wednesday, March 20th. Morgan Stanley boosted their price target on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an overweight rating in a report on Wednesday, March 20th. Finally, CLSA began coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They set an outperform rating and a $10.50 price target for the company. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $12.17.

Get Our Latest Stock Analysis on TME

Tencent Music Entertainment Group Stock Performance

TME stock opened at $14.66 on Tuesday. The stock’s 50 day simple moving average is $11.67 and its 200 day simple moving average is $9.84. Tencent Music Entertainment Group has a 12-month low of $5.70 and a 12-month high of $14.89. The firm has a market cap of $25.16 billion, a P/E ratio of 33.32, a P/E/G ratio of 0.91 and a beta of 0.77. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group (NYSE:TMEGet Free Report) last released its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 10.07%. The firm had revenue of $971.00 million during the quarter, compared to analyst estimates of $925.06 million. As a group, equities research analysts predict that Tencent Music Entertainment Group will post 0.58 EPS for the current year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently added to or reduced their stakes in the company. Tobam bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $36,000. Headinvest LLC acquired a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at about $39,000. Lindbrook Capital LLC lifted its holdings in 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 acquiring an additional 2,044 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at about $64,000. Finally, SageView Advisory Group LLC acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $90,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

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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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.

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

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