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

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

A number of research analysts have recently commented on the company. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 target price for the company. Sanford C. Bernstein began 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 price objective for the company. Finally, Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th.

Tencent Music Entertainment Group Price Performance

Shares of TME stock traded down $0.02 during trading hours on Tuesday, hitting $10.89. The stock had a trading volume of 7,964,392 shares, compared to its average volume of 6,810,273. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market capitalization of $18.69 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 0.91 and a beta of 0.69. Tencent Music Entertainment Group has a one year low of $8.19 and a one year high of $15.77. The stock's 50-day moving average price is $11.59 and its two-hundred day moving average price is $12.10.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $37,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth $64,000. Avior Wealth Management LLC grew its position in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock worth $68,000 after buying an additional 4,071 shares in the last quarter. Caprock Group LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth $147,000. Finally, Wrapmanager Inc. purchased a new position in shares of Tencent Music Entertainment Group during the second quarter valued at $192,000. Institutional investors own 24.32% of the company's stock.

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.