Brokerages Set Tencent Music Entertainment Group (NYSE:TME) PT at $12.75

Tencent Music Entertainment Group (NYSE:TME) has been given a consensus recommendation of “Moderate Buy” by the thirteen research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $12.72.

Several research firms recently commented on TME. Mizuho dropped their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Bank of America cut their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday. Finally, Benchmark dropped their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently made changes to their positions in TME. Tobam purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth $36,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $37,000. Lindbrook Capital LLC raised its holdings in shares of Tencent Music Entertainment Group by 40.9% during the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after buying an additional 2,044 shares during the period. SageView Advisory Group LLC acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $90,000. Finally, Parallel Advisors LLC lifted its position in Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock worth $98,000 after acquiring an additional 2,328 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 4.0 %

Shares of TME opened at $10.53 on Friday. Tencent Music Entertainment Group has a fifty-two week low of $5.96 and a fifty-two week high of $15.77. The company has a market capitalization of $18.07 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 0.83 and a beta of 0.68. The stock has a fifty day moving average of $14.00 and a two-hundred day moving average of $12.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.67 and a current ratio of 2.67.

About Tencent Music Entertainment Group

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.