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

Tencent Music Entertainment Group (NYSE:TME) has been assigned a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $13.28.

TME has been the topic of a number of research analyst reports. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Mizuho lowered their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Bank of America decreased their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th.

Tencent Music Entertainment Group Stock Up 2.4 %

Shares of TME opened at $11.07 on Monday. The firm has a market cap of $19.00 billion, a P/E ratio of 20.50, a PEG ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The stock’s 50 day moving average is $11.45 and its two-hundred day moving average is $12.80. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after purchasing an additional 84,131 shares during the period. Cantillon Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after buying an additional 5,265,783 shares during the period. State Street Corp increased its holdings in shares of Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock worth $154,499,000 after buying an additional 166,225 shares during the last quarter. Ninety One UK Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at approximately $122,775,000. Finally, Driehaus Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 37.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after buying an additional 1,925,124 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

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.