Tencent Music Entertainment Group (NYSE:TME) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Tencent Music Entertainment Group (NYSE:TME) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on TME. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Wednesday, August 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Benchmark boosted their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Finally, Citigroup reiterated a “buy” rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Buy” and an average target price of $24.47.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $22.93 on Monday. Tencent Music Entertainment Group has a 12 month low of $10.11 and a 12 month high of $26.70. The stock’s 50 day moving average is $24.35 and its 200-day moving average is $19.60. 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 $39.34 billion, a price-to-earnings ratio of 25.19 and a beta of 0.51.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in TME. SVB Wealth LLC bought a new stake in Tencent Music Entertainment Group during the first quarter worth $34,000. Banque Transatlantique SA bought a new stake in Tencent Music Entertainment Group during the first quarter worth $46,000. EverSource Wealth Advisors LLC lifted its stake in Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares during the last quarter. Brooklyn Investment Group lifted its stake in Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after purchasing an additional 4,307 shares during the last quarter. Finally, MAI Capital Management bought a new stake in Tencent Music Entertainment Group during the second quarter worth $73,000. 24.32% of the stock is currently owned by institutional investors.

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.