Tencent Music Entertainment Group (NYSE:TME) Upgraded at Nomura Securities

Tencent Music Entertainment Group (NYSE:TME) was upgraded by stock analysts at Nomura Securities to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

TME has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Finally, Mizuho increased their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Trading Up 5.5 %

Shares of TME opened at $12.64 on Tuesday. The stock’s 50-day moving average is $13.17 and its two-hundred day moving average is $12.20. The stock has a market cap of $21.70 billion, a PE ratio of 23.41, a P/E/G ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TME. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. SBI Securities Co. Ltd. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $114,000. PNC Financial Services Group Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares in the last quarter. Finally, Unigestion Holding SA purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $161,000. 24.32% of the stock is owned by 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.