Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has received an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $25.7875.

A number of analysts recently weighed in on TME shares. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Morgan Stanley dropped their price target on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, December 22nd. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Barclays increased their price objective on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently bought and sold shares of the stock. CIBC Asset Management Inc bought a new position in Tencent Music Entertainment Group in the 4th quarter valued at about $267,000. Bank of New York Mellon Corp lifted its stake in shares of Tencent Music Entertainment Group by 0.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,569,645 shares of the company’s stock worth $27,516,000 after acquiring an additional 10,966 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Tencent Music Entertainment Group by 7.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company’s stock worth $137,843,000 after acquiring an additional 537,047 shares during the period. BNP Paribas boosted its holdings in shares of Tencent Music Entertainment Group by 384.1% in the fourth quarter. BNP Paribas now owns 18,878 shares of the company’s stock valued at $331,000 after acquiring an additional 14,978 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Tencent Music Entertainment Group by 26.5% during the fourth quarter. BNP Paribas Financial Markets now owns 2,320,609 shares of the company’s stock valued at $40,680,000 after acquiring an additional 486,682 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $16.90 on Wednesday. The business has a 50 day simple moving average of $17.34 and a 200 day simple moving average of $20.84. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group has a 12-month low of $11.71 and a 12-month high of $26.70.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.