Morgan Stanley Downgrades 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 research note published on Wednesday, Marketbeat.com reports. Morgan Stanley currently has $13.00 price objective on the stock, down from their previous price objective of $15.00.

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

Tencent Music Entertainment Group Trading Up 0.1 %

TME opened at $12.28 on Wednesday. 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 has a fifty-two week low of $6.09 and a fifty-two week high of $15.77. The company’s 50 day moving average price is $11.54 and its two-hundred day moving average price is $12.66. The firm 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.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $985.00 million during the quarter, compared to the consensus estimate of $1 billion. As a group, research analysts predict that Tencent Music Entertainment Group will post 0.63 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC bought a new stake in shares of Tencent Music Entertainment Group during the second quarter worth about $37,000. Tobam boosted its stake in 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 bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $90,000. Parallel Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 27.1% in the fourth 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. Finally, iA Global Asset Management Inc. lifted its holdings in shares of 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 purchasing an additional 10,277 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

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.