Tencent Music Entertainment Group (NYSE:TME) Raised to Overweight at Morgan Stanley

Tencent Music Entertainment Group (NYSE:TME) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Tuesday, MarketBeat.com reports. The firm presently has a $13.00 price target on the stock. Morgan Stanley’s price target suggests a potential upside of 16.64% from the stock’s current price.

A number of other analysts have also issued reports on TME. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price for the company. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $11.15 on Tuesday. The company has a market capitalization of $18.50 billion, a price-to-earnings ratio of 20.64, a P/E/G ratio of 0.65 and a beta of 0.69. Tencent Music Entertainment Group has a 1-year low of $8.52 and a 1-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 stock’s fifty day simple moving average is $11.44 and its 200-day simple moving average is $11.84.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TME. State of New Jersey Common Pension Fund D acquired a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $253,000. American Century Companies Inc. grew its stake in Tencent Music Entertainment Group by 5.2% in the 2nd quarter. American Century Companies Inc. now owns 613,767 shares of the company’s stock valued at $8,623,000 after buying an additional 30,399 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Tencent Music Entertainment Group by 320.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 123,759 shares of the company’s stock valued at $1,739,000 after buying an additional 94,308 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Tencent Music Entertainment Group by 13.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 31,594 shares of the company’s stock worth $442,000 after acquiring an additional 3,805 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in Tencent Music Entertainment Group during the second quarter valued at about $325,000. 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.