Tencent Music Entertainment Group (NYSE:TME) Price Target Raised to $17.00 at Mizuho

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) had its target price boosted by equities research analysts at Mizuho from $16.00 to $17.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Mizuho's price objective suggests a potential upside of 21.47% from the stock's current price.

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective for the company in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Performance

TME stock traded down $0.29 during mid-day trading on Wednesday, hitting $14.00. 5,403,604 shares of the company were exchanged, compared to its average volume of 8,094,640. The business has a 50 day simple moving average of $12.43 and a 200-day simple moving average of $11.83. 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 has a market capitalization of $24.02 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77.

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Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently made changes to their positions in TME. Thrivent Financial for Lutherans raised its position in shares of Tencent Music Entertainment Group by 31.7% in the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company's stock valued at $187,000 after buying an additional 3,746 shares in the last quarter. Swiss National Bank increased its stake in Tencent Music Entertainment Group by 1.0% in the third quarter. Swiss National Bank now owns 1,704,330 shares of the company's stock valued at $20,537,000 after acquiring an additional 17,100 shares during the last quarter. Caprock Group LLC bought a new position in Tencent Music Entertainment Group in the third quarter valued at approximately $147,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Tencent Music Entertainment Group in the third quarter valued at approximately $2,270,000. Finally, Avior Wealth Management LLC increased its stake in Tencent Music Entertainment Group by 253.8% in 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. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.