Tencent Music Entertainment Group (NYSE:TME) Given Average Recommendation of “Moderate Buy” by Brokerages

Tencent Music Entertainment Group (NYSE:TME) has been assigned an average recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $13.28.

A number of equities analysts recently weighed in on the stock. Benchmark dropped their target price 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. Mizuho lowered 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 began coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective on the stock. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Bank of America cut their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $11.07 on Monday. The firm has a 50-day simple moving average of $11.45 and a two-hundred day simple moving average of $12.80. The stock has a market cap of $19.00 billion, a PE ratio of 20.50, a P/E/G ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Tencent Music Entertainment Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock worth $280,395,000 after purchasing an additional 84,131 shares during the last quarter. Cantillon Capital Management LLC grew its position in Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. State Street Corp increased its position in Tencent Music Entertainment Group by 1.3% in the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after acquiring an additional 166,225 shares during the period. Ninety One UK Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the second quarter worth approximately $122,775,000. Finally, Driehaus Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after acquiring an additional 1,925,124 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.