Tencent Music Entertainment Group (NYSE:TME) Receives $13.54 Consensus Price Target from Brokerages

Shares of Tencent Music Entertainment Group (NYSE:TME) have earned a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $14.04.

A number of analysts have recently issued reports on TME shares. Barclays assumed coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective for the company. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Finally, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a report on Tuesday, January 21st.

Tencent Music Entertainment Group Trading Up 3.9 %

Shares of NYSE:TME opened at $12.54 on Friday. Tencent Music Entertainment Group has a 52-week low of $9.15 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 company has a market capitalization of $21.51 billion, a P/E ratio of 23.21, a price-to-earnings-growth ratio of 0.73 and a beta of 0.70. The company has a 50-day simple moving average of $11.56 and a 200 day simple moving average of $11.62.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently modified their holdings of TME. PNC Financial Services Group Inc. increased its position in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after acquiring an additional 1,094 shares during the period. Intech Investment Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 9.1% during the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after purchasing an additional 1,664 shares during the period. Diversify Wealth Management LLC raised its position in shares of Tencent Music Entertainment Group by 3.9% in the third quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock valued at $570,000 after buying an additional 1,862 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after buying an additional 1,923 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Tencent Music Entertainment Group by 31.7% in the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock valued at $187,000 after buying an additional 3,746 shares during the period. 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.