Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Average Rating of “Moderate Buy” from Analysts

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $24.5375.

A number of research firms recently commented on TME. Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Sanford C. Bernstein set a $27.50 target price on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Wednesday, August 13th. Citigroup reaffirmed a “buy” rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th.

Tencent Music Entertainment Group Stock Down 5.0%

Tencent Music Entertainment Group stock opened at $21.20 on Monday. The company’s 50 day simple moving average is $23.60 and its 200 day simple moving average is $20.80. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a market capitalization of $36.38 billion, a price-to-earnings ratio of 23.29, a PEG ratio of 1.35 and a beta of 0.51. Tencent Music Entertainment Group has a fifty-two week low of $10.11 and a fifty-two week high of $26.70.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TME. Nuveen LLC acquired a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $85,498,000. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $110,813,000. JPMorgan Chase & Co. boosted its holdings in shares of Tencent Music Entertainment Group by 26.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after buying an additional 4,071,323 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Tencent Music Entertainment Group by 174.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after buying an additional 3,384,583 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at $32,254,000. Institutional investors and hedge funds 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.