Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Average Rating of “Buy” from Brokerages

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have earned an average recommendation of “Buy” from the eleven brokerages that are covering the company, Marketbeat reports. Nine investment analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $24.4714.

Several research analysts recently commented on the company. Barclays reiterated 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, August 12th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Wall Street Zen upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. Zacks Research upgraded Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 26th. Finally, Citigroup reiterated a “buy” rating and issued a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th.

Tencent Music Entertainment Group Trading Down 2.5%

Shares of TME opened at $24.98 on Friday. The stock’s 50-day moving average is $23.14 and its two-hundred day moving average is $18.00. The stock has a market cap of $42.87 billion, a PE ratio of 27.45 and a beta of 0.54. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $26.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nuveen LLC bought a new position in Tencent Music Entertainment Group during the 1st quarter valued at $85,498,000. Norges Bank bought a new position in Tencent Music Entertainment Group during the 2nd quarter valued at $110,813,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company’s stock valued at $64,579,000 after purchasing an additional 4,352,834 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company’s stock worth $345,619,000 after acquiring an additional 4,128,678 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after acquiring an additional 4,071,323 shares in the last quarter. 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.