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

Tencent Music Entertainment Group (NYSE:TME) has earned an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $13.28.

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

Institutional Trading of Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Cantillon Capital Management LLC grew its position in shares of Tencent Music Entertainment Group by 39.9% in the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after purchasing an additional 5,265,783 shares in the last quarter. State Street Corp grew its holdings in Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after buying an additional 166,225 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 37.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock valued at $100,167,000 after buying an additional 1,925,124 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Tencent Music Entertainment Group by 58.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock valued at $86,835,000 after buying an additional 2,284,347 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Tencent Music Entertainment Group by 14.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock worth $71,984,000 after buying an additional 753,383 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $10.87 on Tuesday. 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 firm has a 50-day moving average of $11.60 and a 200-day moving average of $12.12. Tencent Music Entertainment Group has a one year low of $8.19 and a one year high of $15.77. The company has a market cap of $18.65 billion, a P/E ratio of 20.13, a P/E/G ratio of 0.91 and a beta of 0.69.

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.