Tencent Music Entertainment Group (NYSE:TME) Raised to “Buy” at Wall Street Zen

Tencent Music Entertainment Group (NYSE:TME) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Sunday.

Several other equities research analysts have also recently commented on the stock. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Tuesday, June 17th. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein reissued an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Nomura Securities raised Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $16.60.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $20.53 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $19.45 and its two-hundred day moving average price is $15.43. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $22.50. The stock has a market cap of $35.23 billion, a PE ratio of 24.44 and a beta of 0.50.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently bought and sold shares of the business. SVB Wealth LLC acquired a new stake in Tencent Music Entertainment Group during the 1st quarter worth about $34,000. Banque Transatlantique SA acquired a new stake in Tencent Music Entertainment Group during the 1st quarter worth about $46,000. Brooklyn Investment Group boosted its position in Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after acquiring an additional 4,307 shares during the period. Unigestion Holding SA acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $161,000. Finally, Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $169,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.