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

Shares of Tencent Music Entertainment Group (NYSE:TME) have been given an average rating of “Moderate Buy” by the thirteen research firms that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $12.72.

TME has been the subject of several analyst reports. Bank of America dropped their target price on Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Mizuho reduced their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Benchmark cut their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently bought and sold shares of TME. Norges Bank purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth $105,328,000. Aspex Management HK Ltd purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $81,542,000. Ninety One UK Ltd acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter valued at about $122,775,000. Hsbc Holdings PLC boosted its stake in shares of Tencent Music Entertainment Group by 234.7% in the 4th quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock valued at $91,012,000 after buying an additional 7,094,511 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 78.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after buying an additional 6,088,504 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Down 0.9 %

NYSE TME opened at $10.35 on Wednesday. Tencent Music Entertainment Group has a one year low of $5.96 and a one year 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 has a fifty day moving average price of $13.06 and a 200 day moving average price of $12.69. The company has a market cap of $17.76 billion, a P/E ratio of 22.50, a P/E/G ratio of 0.78 and a beta of 0.65.

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.