Tencent Music Entertainment Group (NYSE:TME) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Tencent Music Entertainment Group (NYSE:TME) have been given an average rating of “Moderate Buy” by the fourteen ratings firms that are currently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $13.28.

TME has been the subject of several research reports. Benchmark reduced their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price target on the stock. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Mizuho dropped their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $37,000. Tobam raised its position in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares during the last quarter. Avior Wealth Management LLC lifted its stake 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 buying an additional 4,071 shares in the last quarter. iA Global Asset Management Inc. grew its holdings in Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in Tencent Music Entertainment Group during the third quarter worth $147,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 0.1 %

Tencent Music Entertainment Group stock opened at $11.53 on Monday. Tencent Music Entertainment Group has a fifty-two week low of $7.93 and a fifty-two week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market capitalization of $19.79 billion, a P/E ratio of 21.35, a PEG ratio of 0.84 and a beta of 0.67. The stock has a 50-day simple moving average of $11.62 and a 200-day simple moving average of $12.74.

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.