Tencent Music Entertainment Group (NYSE:TME) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from an equal weight rating to an overweight rating in a research report report published on Tuesday morning, Marketbeat reports. The brokerage currently has $13.00 price target on the stock.

TME has been the subject of several other research reports. Barclays began coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. 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 target for the company. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $11.08 on Tuesday. Tencent Music Entertainment Group has a 1-year low of $8.71 and a 1-year high of $15.77. The business has a 50-day moving average of $11.45 and a 200-day moving average of $11.83. 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 company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 0.67 and a beta of 0.69.

Institutional Trading of Tencent Music Entertainment Group

Several large investors have recently added to or reduced their stakes in TME. Cantillon Capital Management LLC increased its position in Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after acquiring an additional 5,265,783 shares during the period. Mawer Investment Management Ltd. increased its position in Tencent Music Entertainment Group by 1,131.8% in the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after acquiring an additional 4,178,636 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Tencent Music Entertainment Group by 287.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock valued at $58,382,000 after acquiring an additional 3,594,383 shares during the period. FMR LLC increased its position in Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after acquiring an additional 2,967,779 shares during the period. Finally, Coronation Fund Managers Ltd. increased its position in Tencent Music Entertainment Group by 84.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock valued at $68,158,000 after acquiring an additional 2,592,381 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.