Tencent Music Entertainment Group (NYSE:TME) Receives $13.28 Average Price Target from Analysts

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

TME has been the topic of several analyst reports. Mizuho dropped their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Benchmark decreased their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa Capital Markets cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 13th. Finally, Sanford C. Bernstein began 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 for the company.

Tencent Music Entertainment Group Stock Up 2.6 %

NYSE:TME opened at $11.44 on Monday. The firm has a market capitalization of $19.63 billion, a P/E ratio of 21.19, a PEG ratio of 0.83 and a beta of 0.67. 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’s fifty day moving average price is $11.54 and its 200-day moving average price is $12.76. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TME. Geode Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 2.2% during the third quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company’s stock worth $51,405,000 after acquiring an additional 93,719 shares during the period. Barclays PLC grew its holdings in Tencent Music Entertainment Group by 5.8% during the third quarter. Barclays PLC now owns 762,650 shares of the company’s stock worth $9,189,000 after acquiring an additional 41,990 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Tencent Music Entertainment Group during the third quarter worth $29,706,000. MML Investors Services LLC acquired a new position in Tencent Music Entertainment Group during the third quarter worth $170,000. Finally, Dorsey Wright & Associates grew its holdings in Tencent Music Entertainment Group by 12.7% during the third quarter. Dorsey Wright & Associates now owns 225,275 shares of the company’s stock worth $2,715,000 after acquiring an additional 25,381 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.