Brokerages Set Tencent Music Entertainment Group (NYSE:TME) Price Target at $13.54

Shares of Tencent Music Entertainment Group (NYSE:TME) have earned an average rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $13.54.

A number of research firms recently weighed in on TME. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 21st. Barclays began coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Finally, Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TME. Wilmington Savings Fund Society FSB bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at about $64,000. Avior Wealth Management LLC lifted its position in Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares during the last quarter. Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group in the third quarter valued at approximately $147,000. Diversify Advisory Services LLC purchased a new position in Tencent Music Entertainment Group in the third quarter worth $166,000. Finally, DRW Securities LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth $169,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Trading Down 1.8 %

Shares of TME opened at $11.77 on Friday. The company’s fifty day simple moving average is $11.52 and its 200-day simple moving average is $11.65. The company has a market cap of $20.19 billion, a P/E ratio of 21.79, a P/E/G ratio of 0.72 and a beta of 0.69. 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 twelve month low of $9.07 and a twelve month high of $15.77.

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.