Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Average Rating of “Moderate Buy” by Analysts

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has earned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $24.5375.

TME has been the subject of several recent analyst reports. Benchmark raised their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Citigroup restated a “buy” rating and set a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th.

Tencent Music Entertainment Group Stock Up 0.6%

NYSE:TME opened at $22.31 on Monday. The company has a market cap of $38.28 billion, a PE ratio of 24.51, a P/E/G ratio of 1.35 and a beta of 0.51. Tencent Music Entertainment Group has a one year low of $10.11 and a one year high of $26.70. The firm’s 50 day simple moving average is $23.91 and its 200 day simple moving average is $20.57. 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

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC grew its stake in Tencent Music Entertainment Group by 6.3% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 46,871 shares of the company’s stock valued at $1,094,000 after purchasing an additional 2,775 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of Tencent Music Entertainment Group in the 3rd quarter worth about $2,904,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Tencent Music Entertainment Group by 19.7% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 205,083 shares of the company’s stock worth $4,787,000 after buying an additional 33,739 shares during the last quarter. Drive Wealth Management LLC bought a new stake in Tencent Music Entertainment Group in the third quarter worth about $217,000. Finally, Rakuten Investment Management Inc. bought a new stake in Tencent Music Entertainment Group in the third quarter worth about $783,000. 24.32% of the stock is owned by hedge funds and other 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.