Tencent Music Entertainment Group (NYSE:TME) Given Consensus Rating of “Moderate Buy” by Brokerages

Tencent Music Entertainment Group (NYSE:TME) has been assigned an average rating of “Moderate Buy” from the fourteen research firms that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $13.28.

Several equities analysts have recently commented on TME shares. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Barclays initiated coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Finally, Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th.

Tencent Music Entertainment Group Trading Up 2.5 %

TME opened at $12.07 on Friday. Tencent Music Entertainment Group has a 52-week low of $8.15 and a 52-week high of $15.77. The firm’s 50 day moving average is $11.84 and its 200-day moving average is $12.50. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $20.71 billion, a P/E ratio of 22.35, a P/E/G ratio of 0.95 and a beta of 0.68.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently bought and sold shares of the stock. Ashton Thomas Private Wealth LLC purchased a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $37,000. Tobam grew its position in shares of Tencent Music Entertainment Group by 37.7% in the second 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. Wilmington Savings Fund Society FSB acquired a new stake in shares of Tencent Music Entertainment Group in the third quarter worth $64,000. Avior Wealth Management LLC raised its holdings in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares in the last quarter. Finally, Caprock Group LLC acquired a new position in shares of Tencent Music Entertainment Group in the 3rd quarter valued at $147,000. Hedge funds and other institutional investors 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.