Oppenheimer started coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a research report sent to investors on Monday morning, The Fly reports. The brokerage issued an outperform rating and a $18.00 target price on the stock.

A number of other research firms have also weighed in on TME. China International Capital raised shares of JD.Com to a buy rating in a report on Monday, May 13th. Loop Capital assumed coverage on shares of Uber Technologies in a research note on Tuesday, June 4th. They issued a buy rating on the stock. China Renaissance Securities assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, May 13th. They issued a hold rating on the stock. CICC Research lowered shares of Bank of East Asia from a hold rating to a sell rating in a research note on Thursday, June 13th. Finally, Zacks Investment Research lowered shares of Horiba from a hold rating to a sell rating in a research note on Wednesday, May 22nd. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $16.52.

TME opened at $14.47 on Monday. Tencent Music Entertainment Group has a fifty-two week low of $11.81 and a fifty-two week high of $19.97. The company has a market cap of $23.75 billion and a price-to-earnings ratio of 72.35. The stock’s 50 day simple moving average is $14.87.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Monday, May 13th. The company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.02. The business had revenue of $855.00 million for the quarter, compared to the consensus estimate of $861.27 million. As a group, analysts expect that Tencent Music Entertainment Group will post 0.36 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the company. Quadrant Capital Group LLC bought a new position in Tencent Music Entertainment Group during the first quarter worth $29,000. NEXT Financial Group Inc bought a new position in Tencent Music Entertainment Group during the second quarter worth $26,000. Deutsche Bank AG bought a new position in Tencent Music Entertainment Group during the fourth quarter worth $86,000. Barclays PLC bought a new position in Tencent Music Entertainment Group during the fourth quarter worth $111,000. Finally, Legal & General Group Plc bought a new position in Tencent Music Entertainment Group during the fourth quarter worth $132,000. 5.73% of the stock is currently owned by 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.

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The Fly

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

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