Tencent Music Entertainment Group (NYSE:TME) Given Consensus Recommendation of “Moderate Buy” by Brokerages

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

A number of equities analysts have weighed in on the company. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Barclays assumed coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target for the company.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its stake in Tencent Music Entertainment Group by 20.9% in the 3rd quarter. Franklin Resources Inc. now owns 577,113 shares of the company’s stock valued at $7,329,000 after acquiring an additional 99,799 shares during the period. Tidal Investments LLC raised its stake in Tencent Music Entertainment Group by 28.9% in the 3rd quarter. Tidal Investments LLC now owns 116,068 shares of the company’s stock valued at $1,399,000 after acquiring an additional 26,004 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at $64,000. Geode Capital Management LLC raised its stake in Tencent Music Entertainment Group by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company’s stock valued at $51,405,000 after acquiring an additional 93,719 shares during the period. Finally, Barclays PLC raised its stake in Tencent Music Entertainment Group by 5.8% in the 3rd quarter. Barclays PLC now owns 762,650 shares of the company’s stock valued at $9,189,000 after acquiring an additional 41,990 shares during the period. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 4.2 %

NYSE:TME opened at $11.78 on Friday. Tencent Music Entertainment Group has a twelve month low of $8.15 and a twelve month high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average price of $11.72 and a two-hundred day moving average price of $12.39. The company has a market cap of $20.22 billion, a P/E ratio of 21.81, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68.

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.