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

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given an average recommendation of “Moderate Buy” by the thirteen ratings firms that are covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $25.7875.

TME has been the subject of several analyst reports. Barclays boosted their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. Morgan Stanley cut 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 report on Monday, December 22nd. Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark lowered their target price on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $13.62 on Friday. The business has a fifty day simple moving average of $16.23 and a 200 day simple moving average of $19.84. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a 12 month low of $11.71 and a 12 month high of $26.70.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group raised its position in shares of Tencent Music Entertainment Group by 30.0% during the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after purchasing an additional 18,554,567 shares during the period. Vanguard Group Inc. increased its stake in Tencent Music Entertainment Group by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock worth $376,119,000 after purchasing an additional 293,385 shares in the last quarter. Krane Funds Advisors LLC increased its stake in Tencent Music Entertainment Group by 5.4% during the 4th quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock worth $351,427,000 after purchasing an additional 1,026,551 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in 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 buying an additional 4,071,323 shares during the period. Finally, Cantillon Capital Management LLC raised its holdings in Tencent Music Entertainment Group by 1.4% during the 4th quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company’s stock worth $327,960,000 after buying an additional 256,286 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

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.