Tencent Music Entertainment Group (NYSE:TME) Receives $13.28 Average Target Price from Analysts

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

TME has been the subject of several research analyst reports. Barclays started coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an "overweight" rating and a $16.00 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 objective for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an "outperform" rating and a $14.00 target price for the company.

Tencent Music Entertainment Group Trading Down 0.7 %

TME traded down $0.09 on Friday, reaching $11.98. 9,656,399 shares of the company traded hands, compared to its average volume of 8,556,935. The company has a market cap of $20.56 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 0.89 and a beta of 0.68. 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 has a one year low of $8.15 and a one year high of $15.77. The firm has a fifty day simple moving average of $11.81 and a two-hundred day simple moving average of $12.49.

Institutional Trading of Tencent Music Entertainment Group

Institutional investors have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth $37,000. Tobam raised its stake in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after buying an additional 957 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Tencent Music Entertainment Group in the third quarter worth about $64,000. Avior Wealth Management LLC grew its stake in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock worth $68,000 after acquiring an additional 4,071 shares during the last quarter. Finally, Caprock Group LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter valued at about $147,000. 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.