Briefing.com reports that on Friday, Daiwa Capital Markets released a research note indicating that the company will start covering shares of Tencent Music Entertainment Group (NYSE: TME). The company’s recommendation to “buy” was made regarding the stock.
Other analysts have also provided feedback regarding the company at various times. On November 21, JPMorgan Chase & Co. upgraded Tencent Music Entertainment Group from the “neutral” position it had been in previous to the “overweight” rating. Previously, the rating had been “neutral.” In addition, the price target they had set for the company increased from $4.80 to $7.70. In a research study released Monday, Goldman Sachs Group raised their price objective for Tencent Music Entertainment Group from $5 to $8 and upgraded the company from a “sell” recommendation to a “neutral” rating. Both of these changes were made to the company’s stock. In a research note published on December 1, Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $4.50 to $8.50 for the stock. Benchmark upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a price objective of $7.00 for the company in a report published on Wednesday, November 16. This was the final and most significant change made during the research. Four market watchers have given the stock a recommendation to buy, whereas only two analysts have given the stock a rating of “hold.” The stock has received a recommendation from the investing community of “Moderate Buy,” The price target has been set at $7.07 on average. This data was retrieved from the Bloomberg website.
TME began trading on Friday at $8.55. Over the past 50 days, the moving averages for the company are $7.04, and over the last 200 days, they are $5.33. The company’s current market capitalization is $14.49 billion, and it has a price-to-earnings ratio of 30.54, a PEG value of 0.78, and a beta value of 0.79. During the previous calendar year, the share price of Tencent Music Entertainment Group experienced a range that included a low of $2.95 and a high of $9.29. A debt-to-equity ratio comes in at 0.12; a quick ratio comes in at 2.15; a current ratio comes in at 2.15; and a quick ratio comes in at 2.15.
On November 15, 2018, the results of Tencent Music Entertainment Group’s most recent quarterly operations were made public on the NYSE under the ticker symbol “TME.” The actual earnings per share of the company for the quarter came in at $0.10, which is $0.02 higher than the consensus estimate among industry professionals, which was $0.08. Tencent Music Entertainment Group had a net margin of 10.61 percent, and the return on equity for the company was 6.744 percent. The actual revenue for the quarter was $1.04 billion, which was a significant increase over the consensus expectation of $1.01 billion for the revenue generated during the quarter. Sell-side research analysts forecast that Tencent Music Entertainment Group will bring in $0.36 per share in revenue this year.
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