Tencent Music Entertainment Group (NYSE:TME) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from an equal weight rating to an overweight rating in a research note released on Tuesday, Marketbeat Ratings reports. Morgan Stanley currently has $13.00 price target on the stock.

Several other equities research analysts have also weighed in on TME. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Barclays assumed coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Down 0.7 %

Shares of TME stock opened at $11.08 on Tuesday. Tencent Music Entertainment Group has a 1 year low of $8.71 and a 1 year high of $15.77. The stock has a market cap of $19.01 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 0.67 and a beta of 0.69. The business’s fifty day moving average is $11.45 and its 200-day moving average is $11.83. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TME. Cantillon Capital Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after purchasing an additional 5,265,783 shares in the last quarter. Mawer Investment Management Ltd. grew its position in shares of Tencent Music Entertainment Group by 1,131.8% in the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after purchasing an additional 4,178,636 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tencent Music Entertainment Group by 287.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock valued at $58,382,000 after purchasing an additional 3,594,383 shares during the period. FMR LLC grew its position in shares of Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after purchasing an additional 2,967,779 shares during the period. Finally, Coronation Fund Managers Ltd. grew its position in shares of Tencent Music Entertainment Group by 84.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock valued at $68,158,000 after purchasing an additional 2,592,381 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 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.