Tencent Music Entertainment Group (NYSE:TME) Upgraded to Outperform at Daiwa Capital Markets

Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a neutral rating to an outperform rating in a research report sent to investors on Tuesday, MarketBeat reports.

Several other equities analysts have also issued reports on TME. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, June 17th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Sanford C. Bernstein reissued an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.66.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $25.41 on Tuesday. The firm has a market cap of $43.61 billion, a PE ratio of 30.25 and a beta of 0.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $20.14 and a 200-day moving average of $15.99. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $25.98.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Tencent Music Entertainment Group by 1.4% during the first quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company’s stock valued at $432,206,000 after purchasing an additional 404,674 shares during the period. Krane Funds Advisors LLC boosted its holdings in shares of Tencent Music Entertainment Group by 20.8% in the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company’s stock worth $345,619,000 after acquiring an additional 4,128,678 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Tencent Music Entertainment Group by 26.4% in the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after acquiring an additional 4,071,323 shares during the period. FMR LLC boosted its holdings in shares of Tencent Music Entertainment Group by 64.7% in the fourth quarter. FMR LLC now owns 9,831,895 shares of the company’s stock worth $111,592,000 after acquiring an additional 3,861,122 shares during the period. Finally, Nuveen LLC bought a new position in shares of Tencent Music Entertainment Group in the first quarter worth $85,498,000. 24.32% of the stock is 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.