Tencent Music Entertainment Group (NYSE:TME) Receives Average Rating of "Moderate Buy" from Analysts

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) has earned an average rating of "Moderate Buy" from the fourteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $13.28.

TME has been the subject of a number of research reports. Bank of America lowered their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 14th. Mizuho reduced their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 14th. 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. Benchmark cut their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. Finally, Daiwa Capital Markets cut Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research report on Tuesday, August 13th.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TME. Geode Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company's stock worth $51,405,000 after purchasing an additional 93,719 shares during the period. Barclays PLC lifted its position in Tencent Music Entertainment Group by 5.8% in the third quarter. Barclays PLC now owns 762,650 shares of the company's stock valued at $9,189,000 after buying an additional 41,990 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Tencent Music Entertainment Group during the third quarter worth about $29,706,000. MML Investors Services LLC acquired a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at about $170,000. Finally, Dorsey Wright & Associates raised its stake in shares of Tencent Music Entertainment Group by 12.7% in the 3rd quarter. Dorsey Wright & Associates now owns 225,275 shares of the company's stock valued at $2,715,000 after acquiring an additional 25,381 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock traded up $0.42 during midday trading on Monday, hitting $11.49. The company had a trading volume of 7,226,123 shares, compared to its average volume of 8,658,713. The company has a fifty day simple moving average of $11.48 and a 200 day simple moving average of $12.79. The stock has a market cap of $19.72 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a 12-month low of $7.93 and a 12-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.

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.