Tencent Music Entertainment Group (NYSE:TME) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Tencent Music Entertainment Group (NYSE:TME) have been given an average rating of “Moderate Buy” by the fourteen analysts that are presently covering the stock, Marketbeat 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 target among brokers that have issued ratings on the stock in the last year is $13.28.

Several brokerages have recently weighed in on TME. Benchmark decreased their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. 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. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $11.53 on Monday. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77. The business has a 50-day moving average of $11.62 and a 200-day moving average of $12.73. 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 $19.79 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 0.87 and a beta of 0.67.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently bought and sold shares of TME. Ashton Thomas Private Wealth LLC acquired a new stake in Tencent Music Entertainment Group during the second quarter valued at approximately $37,000. Tobam raised its position in shares of Tencent Music Entertainment Group by 37.7% during the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares during the period. Avior Wealth Management LLC raised its position in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares during the period. iA Global Asset Management Inc. raised its position in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock worth $131,000 after purchasing an additional 10,277 shares during the period. Finally, Caprock Group LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $147,000. Institutional investors and hedge funds 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.