Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $16.60 Average Target Price from Brokerages

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given a consensus rating of “Moderate Buy” by the eleven research firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $16.60.

Several brokerages recently issued reports on TME. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Tuesday, June 17th. Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research report on Tuesday, April 8th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th.

Tencent Music Entertainment Group Trading Up 1.5%

NYSE TME opened at $19.46 on Tuesday. The stock has a market capitalization of $33.39 billion, a P/E ratio of 23.17 and a beta of 0.55. The business has a 50 day simple moving average of $16.99 and a 200 day simple moving average of $14.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $19.58.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $114,000. SBI Securities Co. Ltd. purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth $110,000. DJE Kapital AG bought a new stake in Tencent Music Entertainment Group in the fourth quarter worth $1,671,000. Raymond James Financial Inc. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $731,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Company Profile

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.