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

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been given an average rating of “Buy” by the twelve research firms that are presently covering the stock, Marketbeat.com reports. Ten equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $24.4714.

A number of brokerages have issued reports on TME. 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, August 12th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. Zacks Research raised Tencent Music Entertainment Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 26th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday.

Tencent Music Entertainment Group Price Performance

TME stock opened at $23.26 on Thursday. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $39.92 billion, a PE ratio of 25.56 and a beta of 0.51. The business’s fifty day moving average price is $24.19 and its 200 day moving average price is $19.31. Tencent Music Entertainment Group has a 12-month low of $10.11 and a 12-month high of $26.70.

Institutional Trading of Tencent Music Entertainment Group

A number of large investors have recently made changes to their positions in the company. Corient Private Wealth LLC increased its stake in shares of Tencent Music Entertainment Group by 1.6% during the second quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after buying an additional 498 shares during the period. Osaic Holdings Inc. increased its position in shares of Tencent Music Entertainment Group by 8.5% in the 2nd quarter. Osaic Holdings Inc. now owns 25,868 shares of the company’s stock valued at $498,000 after purchasing an additional 2,032 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $1,657,000. Marex Group plc purchased a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $13,657,000. Finally, Public Sector Pension Investment Board increased its position in shares of Tencent Music Entertainment Group by 32.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 376,829 shares of the company’s stock valued at $7,344,000 after purchasing an additional 92,900 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

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.