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

Tencent Music Entertainment Group (NYSE:TME) has received a consensus rating of “Moderate Buy” from the fourteen research firms that are currently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $13.28.

TME has been the subject of several analyst reports. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Barclays began coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Finally, Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th.

Tencent Music Entertainment Group Trading Down 2.6 %

NYSE TME opened at $10.87 on Tuesday. The firm has a market capitalization of $18.65 billion, a PE ratio of 20.13, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69. The business’s 50-day moving average price is $11.60 and its two-hundred day moving average price is $12.12. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $8.19 and a 12 month high of $15.77.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Large investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale raised its holdings in Tencent Music Entertainment Group by 0.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock worth $1,403,000 after buying an additional 922 shares during the last quarter. Intech Investment Management LLC lifted its position in Tencent Music Entertainment Group by 9.1% in the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after acquiring an additional 1,664 shares in the last quarter. Diversify Wealth Management LLC boosted its stake in Tencent Music Entertainment Group by 3.9% during the 3rd quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock valued at $570,000 after purchasing an additional 1,862 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $37,000. Finally, Thrivent Financial for Lutherans increased its holdings in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after purchasing an additional 3,746 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Company Profile

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.