Tencent Music Entertainment Group (NYSE:TME) Downgraded to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of Tencent Music Entertainment Group (NYSE:TME) from an overweight rating to an equal weight rating in a research note released on Wednesday morning, Marketbeat.com reports. They currently have $13.00 price target on the stock, down from their previous price target of $15.00.

Several other equities analysts have also recently weighed in on the company. Daiwa Capital Markets cut Tencent Music Entertainment Group from an outperform rating to a neutral rating in a research report on Tuesday, August 13th. Bank of America dropped their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a buy rating for the company in a report on Wednesday, August 14th. Benchmark dropped their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a buy rating for the company in a report on Wednesday, August 14th. Mizuho decreased their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an outperform rating on the stock in a research report on Wednesday, August 14th. Finally, Daiwa America lowered Tencent Music Entertainment Group from a strong-buy rating to a hold rating in a report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of Moderate Buy and a consensus target price of $12.67.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $12.28 on Wednesday. Tencent Music Entertainment Group has a fifty-two week low of $6.09 and a fifty-two week high of $15.77. The business has a 50-day moving average of $11.50 and a two-hundred day moving average of $12.67. The stock has a market capitalization of $21.07 billion, a P/E ratio of 26.70, a P/E/G ratio of 0.88 and a beta of 0.65. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The company had revenue of $985.00 million during the quarter, compared to analyst estimates of $1 billion. On average, equities research analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $445,000. Parallel Advisors LLC increased its stake in shares of Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after purchasing an additional 2,328 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in Tencent Music Entertainment Group by 0.5% in the 4th quarter. Allianz Asset Management GmbH now owns 2,375,730 shares of the company’s stock worth $21,405,000 after buying an additional 12,898 shares during the period. Dymon Asia Capital Singapore PTE. LTD. boosted its holdings in Tencent Music Entertainment Group by 178.5% in the 4th quarter. Dymon Asia Capital Singapore PTE. LTD. now owns 268,697 shares of the company’s stock valued at $2,421,000 after purchasing an additional 172,234 shares during the period. Finally, Carmignac Gestion bought a new position in Tencent Music Entertainment Group in the 4th quarter valued at $2,506,000. 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.