Tencent Music Entertainment Group (NYSE:TME – Get Free Report) rose 5.2% during trading on Monday . The stock traded as high as $12.02 and last traded at $12.00. Approximately 1,270,799 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 8,541,567 shares. The stock had previously closed at $11.41.
Analysts Set New Price Targets
TME has been the topic of several recent research reports. Benchmark cut their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America decreased their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Barclays assumed coverage on 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. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $13.28.
View Our Latest Stock Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Trading Up 0.8 %
Institutional Trading of Tencent Music Entertainment Group
A number of hedge funds have recently modified their holdings of the company. California State Teachers Retirement System lifted its position in Tencent Music Entertainment Group by 7.0% in the first quarter. California State Teachers Retirement System now owns 215,202 shares of the company’s stock worth $2,408,000 after purchasing an additional 14,145 shares during the period. DNB Asset Management AS lifted its holdings in shares of Tencent Music Entertainment Group by 9.7% during the 2nd quarter. DNB Asset Management AS now owns 53,305 shares of the company’s stock worth $749,000 after acquiring an additional 4,707 shares during the period. Symmetry Partners LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $236,000. QRG Capital Management Inc. increased its stake in Tencent Music Entertainment Group by 5.7% in the second quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after acquiring an additional 860 shares during the period. Finally, SG Americas Securities LLC raised its position in Tencent Music Entertainment Group by 33.3% in the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company’s stock worth $4,462,000 after purchasing an additional 79,307 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.
About Tencent Music Entertainment Group
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.
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