Tencent Music Entertainment Group (NYSE:TME) Price Target Cut to $3.90

Tencent Music Entertainment Group (NYSE:TMEGet Rating) had its price target decreased by analysts at HSBC from $5.10 to $3.90 in a report released on Tuesday, The Fly reports. HSBC’s price target indicates a potential downside of 3.94% from the stock’s previous close.

A number of other analysts have also commented on the stock. Zacks Investment Research upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $4.25 price target for the company in a research note on Friday. JPMorgan Chase & Co. reduced their price target on shares of Tencent Music Entertainment Group from $6.00 to $3.50 in a research note on Monday, March 14th. Citigroup reduced their price target on shares of Tencent Music Entertainment Group from $8.50 to $7.10 in a research note on Monday, January 24th. The Goldman Sachs Group began coverage on shares of Tencent Music Entertainment Group in a research note on Sunday, April 10th. They issued a “sell” rating and a $5.60 price target for the company. Finally, lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $7.30 price target for the company. in a research note on Thursday, January 20th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Hold” and a consensus price target of $9.98.

Tencent Music Entertainment Group stock traded down $0.09 during trading hours on Tuesday, hitting $4.06. The stock had a trading volume of 1,191,935 shares, compared to its average volume of 14,514,664. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.10. Tencent Music Entertainment Group has a 12-month low of $2.95 and a 12-month high of $16.53. The stock’s 50-day moving average price is $4.51 and its 200-day moving average price is $5.85.

Tencent Music Entertainment Group (NYSE:TMEGet Rating) last issued its earnings results on Monday, May 16th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.48. The business had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.65 billion. Tencent Music Entertainment Group had a net margin of 9.68% and a return on equity of 6.82%. The business’s revenue for the quarter was down 15.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 earnings per share. On average, analysts anticipate that Tencent Music Entertainment Group will post 0.25 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its position in Tencent Music Entertainment Group by 1.4% during the third quarter. Renaissance Technologies LLC now owns 5,357,295 shares of the company’s stock valued at $38,840,000 after buying an additional 74,695 shares during the period. Lindbrook Capital LLC boosted its position in shares of Tencent Music Entertainment Group by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 8,251 shares of the company’s stock worth $57,000 after purchasing an additional 6,161 shares during the period. Quadrature Capital Ltd boosted its position in shares of Tencent Music Entertainment Group by 2,618.2% in the third quarter. Quadrature Capital Ltd now owns 527,338 shares of the company’s stock worth $3,823,000 after purchasing an additional 507,938 shares during the period. Krane Funds Advisors LLC boosted its position in shares of Tencent Music Entertainment Group by 12.3% in the fourth quarter. Krane Funds Advisors LLC now owns 14,534,883 shares of the company’s stock worth $99,564,000 after purchasing an additional 1,589,420 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $49,829,000.

About Tencent Music Entertainment Group (Get Rating)

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 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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