Tencent Music Entertainment Group (NYSE:TME) Upgraded at Nomura Securities

Tencent Music Entertainment Group (NYSE:TME) was upgraded by research analysts at Nomura Securities to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Finally, Mizuho raised their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $12.64 on Tuesday. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The stock’s 50-day moving average is $13.17 and its 200 day moving average is $12.20. The company has a market cap of $21.70 billion, a P/E ratio of 23.41, a PEG ratio of 0.77 and a beta of 0.50. 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

Several institutional investors and hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter worth about $64,000. SBI Securities Co. Ltd. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. PNC Financial Services Group Inc. increased its stake in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares in the last quarter. Finally, Unigestion Holding SA purchased a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $161,000. Hedge funds and other institutional investors 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.