Tencent Music Entertainment Group (NYSE:TME) Receives $13.54 Consensus PT from Brokerages

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) has been given an average recommendation of "Moderate Buy" by the thirteen analysts that are covering the firm, MarketBeat reports. Three equities research 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 brokerages that have issued a report on the stock in the last year is $13.54.

TME has been the subject of a number of analyst reports. Morgan Stanley upgraded Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target for the company in a report on Tuesday, January 21st. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an "outperform" rating and a $14.00 target price for the company. Finally, Barclays began coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective on the stock.

Tencent Music Entertainment Group Stock Up 2.1 %

Shares of TME stock traded up $0.25 during trading hours on Friday, reaching $12.02. The company had a trading volume of 9,496,815 shares, compared to its average volume of 6,815,492. The company has a market capitalization of $20.62 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 0.72 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a twelve month low of $9.07 and a twelve month high of $15.77. The stock's fifty day simple moving average is $11.53 and its 200 day simple moving average is $11.63.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently made changes to their positions in the company. Veritas Asset Management LLP lifted its stake in Tencent Music Entertainment Group by 44.6% during the fourth quarter. Veritas Asset Management LLP now owns 3,017,695 shares of the company's stock worth $34,251,000 after purchasing an additional 930,450 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth about $370,000. Handelsbanken Fonder AB grew its position in shares of Tencent Music Entertainment Group by 7.4% during the 4th quarter. Handelsbanken Fonder AB now owns 192,930 shares of the company's stock valued at $2,190,000 after buying an additional 13,294 shares during the last quarter. Alberta Investment Management Corp raised its stake in Tencent Music Entertainment Group by 290.7% during the fourth quarter. Alberta Investment Management Corp now owns 398,504 shares of the company's stock worth $4,523,000 after acquiring an additional 296,504 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its holdings in Tencent Music Entertainment Group by 21.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 366,311 shares of the company's stock worth $4,158,000 after acquiring an additional 63,615 shares during the last quarter. 24.32% of the stock is currently 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.