Analysts Set Tencent Music Entertainment Group (NYSE:TME) PT at $13.28

Tencent Music Entertainment Group (NYSE:TME) has earned a consensus rating of “Moderate Buy” from the fourteen research firms that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $13.28.

Several equities research analysts have commented on the stock. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. Morgan Stanley cut 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 report on Wednesday, September 25th. Finally, Barclays started coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target for the company.

Tencent Music Entertainment Group Trading Down 0.7 %

NYSE:TME opened at $11.98 on Friday. Tencent Music Entertainment Group has a 12 month low of $8.15 and a 12 month high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $11.78 and its 200 day moving average is $12.44. The stock has a market capitalization of $20.56 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new position in shares of Tencent Music Entertainment Group in the 2nd quarter worth about $37,000. Tobam boosted its holdings in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. Avior Wealth Management LLC grew its holdings in Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after purchasing an additional 4,071 shares during the period. Finally, Caprock Group LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at approximately $147,000. Hedge funds and other institutional investors 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.