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

Shares of Tencent Music Entertainment Group (NYSE:TME) have been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $14.04.

Several equities analysts have commented on TME shares. Barclays started coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research note on Tuesday, January 21st.

Institutional Trading of Tencent Music Entertainment Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group grew its position in Tencent Music Entertainment Group by 6.7% in the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after buying an additional 3,987,116 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Tencent Music Entertainment Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock worth $335,833,000 after acquiring an additional 332,264 shares during the last quarter. Cantillon Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 18.3% in the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock worth $247,893,000 after acquiring an additional 3,384,230 shares during the last quarter. Krane Funds Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 21.8% during the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock worth $225,365,000 after purchasing an additional 3,560,452 shares during the period. Finally, State Street Corp lifted its holdings in shares of Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after purchasing an additional 166,225 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $12.65 on Wednesday. Tencent Music Entertainment Group has a one year low of $9.15 and a one year high of $15.77. The stock’s fifty day moving average is $11.88 and its 200-day moving average is $11.56. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market capitalization of $21.71 billion, a price-to-earnings ratio of 23.43, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70.

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.