Goldman slashes price target on Tencent Music Entertainment Group [TME] – find out why.

Tencent Music Entertainment Group [NYSE: TME] price plunged by -2.39 percent to reach at -$0.09. The company report on October 17, 2022 that Tencent Music Entertainment Group to Report Third Quarter 2022 Financial Results on November 15, 2022 Eastern Time.

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Tencent Music Entertainment Group (“TME”, or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced that it will report its unaudited financial results for the third quarter of 2022 before the U.S. market opens on Tuesday, November 15, 2022.

TME’s management will hold a conference call on Tuesday, November 15, 2022, at 6:00 A.M. Eastern Time or 7:00 P.M. Beijing Time on Tuesday, November 15, 2022, to discuss the financial results. Listeners may access the call by dialing the following numbers:.

A sum of 9341444 shares traded at recent session while its average daily volume was at 9.33M shares. Tencent Music Entertainment Group shares reached a high of $3.735 and dropped to a low of $3.5501 until finishing in the latest session at $3.67.

The one-year TME stock forecast points to a potential upside of 35.16. The average equity rating for TME stock is currently 2.20, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Tencent Music Entertainment Group [TME]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TME shares is $5.66 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TME stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for Tencent Music Entertainment Group shares, keeping their opinion on the stock as Sell, with their previous recommendation back on April 11, 2022. While these analysts kept the previous recommendation, Goldman dropped their target price from $7.70 to $5.70. The new note on the price target was released on February 18, 2022, representing the official price target for Tencent Music Entertainment Group stock. Previously, the target price had yet another raise to $7.30, while China Renaissance analysts kept a Hold rating on TME stock.

The Average True Range (ATR) for Tencent Music Entertainment Group is set at 0.27, with the Price to Sales ratio for TME stock in the period of the last 12 months amounting to 1.59. The Price to Book ratio for the last quarter was 0.91, with the Price to Cash per share for the same quarter was set at 0.89. Price to Free Cash Flow for TME in the course of the last twelve months was 7.48 with Quick ratio for the last quarter at 2.30.

TME Stock Performance Analysis:

Tencent Music Entertainment Group [TME] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.18. With this latest performance, TME shares dropped by -8.48% in over the last four-week period, additionally sinking by -13.65% over the last 6 months – not to mention a drop of -55.13% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TME stock in for the last two-week period is set at 37.14, with the RSI for the last a single of trading hit 35.19, and the three-weeks RSI is set at 39.33 for Tencent Music Entertainment Group [TME]. The present Moving Average for the last 50 days of trading for this stock 4.35, while it was recorded at 3.71 for the last single week of trading, and 4.69 for the last 200 days.

Insight into Tencent Music Entertainment Group Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Tencent Music Entertainment Group [TME] shares currently have an operating margin of +8.70 and a Gross Margin at +29.35. Tencent Music Entertainment Group’s Net Margin is presently recorded at +9.69.

Return on Equity for this stock inclined to 5.91, with Return on Assets sitting at 4.47.

Tencent Music Entertainment Group’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.30.


The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TME. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Tencent Music Entertainment Group go to -1.87%.

Tencent Music Entertainment Group [TME] Insider Position Details

There are presently around $1,418 million, or 49.00% of TME stock, in the hands of institutional investors. The top three institutional holders of TME stocks are: CANADA PENSION PLAN INVESTMENT BOARD with ownership of 36,993,022, which is approximately 2.52% of the company’s market cap and around 5.61% of the total institutional ownership; BLACKROCK INC., holding 32,945,673 shares of the stock with an approximate value of $120.91 million in TME stocks shares; and BAILLIE GIFFORD & CO, currently with $115.27 million in TME stock with ownership of nearly 1.019% of the company’s market capitalization.

Positions in Tencent Music Entertainment Group stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 110 institutional holders increased their position in Tencent Music Entertainment Group [NYSE:TME] by around 37,634,863 shares. Additionally, 99 investors decreased positions by around 47,589,032 shares, while 47 investors held positions by with 301,192,072 shares. The mentioned changes placed institutional holdings at 386,415,967 shares, according to the latest SEC report filing. TME stock had 32 new institutional investments in for a total of 3,744,462 shares, while 28 institutional investors sold positions of 12,318,240 shares during the same period.


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