Tencent Music Entertainment Group (NYSE:TME) Rating Increased to Buy at Deutsche Bank Aktiengesellschaft

Tencent Music Entertainment Group (NYSE:TME) was upgraded by research analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports.

A number of other brokerages have also recently issued reports on TME. Mizuho upped their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 19th. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Up 1.2 %

Shares of Tencent Music Entertainment Group stock traded up $0.18 on Wednesday, reaching $14.43. 374,084 shares of the company were exchanged, compared to its average volume of 8,376,399. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average of $12.58 and a 200 day moving average of $11.89. The company has a market capitalization of $24.75 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 0.77 and a beta of 0.70.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group during the 3rd quarter worth $64,000. SBI Securities Co. Ltd. acquired a new stake in Tencent Music Entertainment Group during the fourth quarter worth about $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. PNC Financial Services Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares in the last quarter. Finally, Unigestion Holding SA acquired a new position in Tencent Music Entertainment Group in the 4th quarter worth about $161,000. 24.32% of the stock is 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.