Tencent Music Entertainment Group (NYSE:TME) Stock Price Expected to Rise, Benchmark Analyst Says

Tencent Music Entertainment Group (NYSE:TME) had its price objective increased by Benchmark from $19.00 to $28.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 9.58% from the company’s current price.

A number of other brokerages have also issued reports on TME. Barclays restated an “overweight” rating and issued a $27.00 price target (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Wednesday. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $24.47.

Tencent Music Entertainment Group Stock Down 0.2%

TME stock opened at $25.55 on Wednesday. The company has a current ratio of 1.87, a quick ratio of 1.83 and a debt-to-equity ratio of 0.04. The firm has a 50 day simple moving average of $20.46 and a 200-day simple moving average of $16.15. The company has a market capitalization of $43.85 billion, a P/E ratio of 28.08 and a beta of 0.50. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $26.54.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors have recently added to or reduced their stakes in TME. LPL Financial LLC increased its stake in Tencent Music Entertainment Group by 40.2% during the fourth quarter. LPL Financial LLC now owns 69,539 shares of the company’s stock valued at $789,000 after purchasing an additional 19,928 shares during the last quarter. Wells Fargo & Company MN increased its stake in Tencent Music Entertainment Group by 86.9% during the fourth quarter. Wells Fargo & Company MN now owns 136,423 shares of the company’s stock valued at $1,548,000 after purchasing an additional 63,413 shares during the last quarter. Cerity Partners LLC increased its stake in Tencent Music Entertainment Group by 45.2% during the fourth quarter. Cerity Partners LLC now owns 50,074 shares of the company’s stock valued at $573,000 after purchasing an additional 15,589 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth about $731,000. Finally, Barclays PLC grew its position in shares of Tencent Music Entertainment Group by 14.2% during the fourth quarter. Barclays PLC now owns 870,982 shares of the company’s stock worth $9,887,000 after acquiring an additional 108,332 shares during the last quarter. Institutional investors 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.