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

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

Other research analysts have also recently issued research reports about 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 price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a buy rating for the company in a research note on Wednesday, August 14th. Benchmark decreased their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a buy rating on the stock in a research report on Wednesday, August 14th. Daiwa America downgraded shares of Tencent Music Entertainment Group from a strong-buy rating to a hold rating in a research report on Tuesday, August 13th. Finally, Mizuho reduced their price target 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. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $12.67.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $12.28 on Wednesday. The company has a market capitalization of $21.07 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 0.88 and a beta of 0.65. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 52 week low of $6.09 and a 52 week high of $15.77. The company has a 50-day simple moving average of $11.54 and a 200 day simple moving average of $12.66.

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

Institutional Trading of Tencent Music Entertainment Group

Institutional investors and hedge funds have recently modified their holdings of the business. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group during the second quarter worth about $37,000. Tobam grew its holdings in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares during the last quarter. SageView Advisory Group LLC acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $90,000. Parallel Advisors LLC lifted its stake in Tencent Music Entertainment Group by 27.1% in the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after purchasing an additional 2,328 shares during the last quarter. Finally, iA Global Asset Management Inc. boosted its position in Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

About Tencent Music Entertainment Group

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.