Tencent Music Entertainment Group (NYSE:TME) Rating Increased to Buy at China Renaissance Securities

China Renaissance Securities upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a hold rating to a buy rating in a research report sent to investors on Tuesday, BenzingaRatingsTable reports.

A number of other equities research analysts also recently weighed in on the company. Jefferies Financial Group assumed coverage on Tencent Music Entertainment Group in a report on Monday, August 5th. They issued a buy rating and a $16.90 target price for the company. CICC Research assumed coverage on Tencent Music Entertainment Group in a report on Thursday, June 13th. They issued a buy rating for the company. KeyCorp lowered their target price on Tencent Music Entertainment Group from $19.00 to $18.00 and set an overweight rating for the company in a report on Wednesday, October 2nd. UBS Group upgraded Tencent Music Entertainment Group from a hold rating to a buy rating and set a $16.00 target price for the company in a report on Tuesday. Finally, Oppenheimer initiated coverage on Tencent Music Entertainment Group in a research note on Monday, July 29th. They issued an outperform rating and a $18.00 price objective for the company. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $16.29.

Shares of TME stock opened at $13.48 on Tuesday. The stock has a 50 day simple moving average of $13.23 and a two-hundred day simple moving average of $14.91. Tencent Music Entertainment Group has a fifty-two week low of $11.81 and a fifty-two week high of $19.97.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Monday, August 12th. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.01. The business had revenue of $859.00 million during the quarter, compared to the consensus estimate of $872.51 million. On average, research analysts anticipate that Tencent Music Entertainment Group will post 0.35 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its stake in Tencent Music Entertainment Group by 4,995.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 58,749,764 shares of the company’s stock valued at $880,659,000 after acquiring an additional 57,596,675 shares during the period. Baillie Gifford & Co. grew its stake in Tencent Music Entertainment Group by 15.2% in the second quarter. Baillie Gifford & Co. now owns 10,946,629 shares of the company’s stock valued at $164,090,000 after acquiring an additional 1,440,595 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Tencent Music Entertainment Group in the second quarter valued at approximately $120,270,000. William Blair Investment Management LLC grew its stake in Tencent Music Entertainment Group by 16.9% in the second quarter. William Blair Investment Management LLC now owns 6,464,965 shares of the company’s stock valued at $96,899,000 after acquiring an additional 936,341 shares during the period. Finally, Morgan Stanley grew its stake in Tencent Music Entertainment Group by 147.6% in the second quarter. Morgan Stanley now owns 5,092,556 shares of the company’s stock valued at $76,338,000 after acquiring an additional 3,035,825 shares during the period. 9.56% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Company Profile

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.

Further Reading: Understanding the Price to Earnings Ratio (PE)

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

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