Tencent Music Entertainment Group (NYSE:TME) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Tencent Music Entertainment Group (NYSE:TME) have been given a consensus rating of “Moderate Buy” by the fourteen brokerages that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $13.28.

Several analysts have recently issued reports on TME shares. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective on the stock. Finally, Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the second quarter worth about $37,000. Tobam raised its position in shares of Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after acquiring an additional 957 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $64,000. Avior Wealth Management LLC raised its position in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after acquiring an additional 4,071 shares during the last quarter. Finally, Caprock Group LLC bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $147,000. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Performance

TME opened at $11.78 on Friday. The firm has a market cap of $20.22 billion, a P/E ratio of 21.81, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68. Tencent Music Entertainment Group has a 52-week low of $8.15 and a 52-week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The business’s fifty day moving average is $11.72 and its 200-day moving average is $12.39.

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.