Recent Research Analysts’ Ratings Updates for Tencent Music Entertainment Group (TME)

Tencent Music Entertainment Group (NYSE: TME) has recently received a number of price target changes and ratings updates:

• 3/20/2024 – Tencent Music Entertainment Group had its price target raised by analysts at Morgan Stanley from $11.00 to $13.50. They now have an “overweight” rating on the stock.
• 3/20/2024 – Tencent Music Entertainment Group had its price target raised by analysts at HSBC Holdings plc from $9.50 to $10.40. They now have a “hold” rating on the stock.
• 3/20/2024 – Tencent Music Entertainment Group was upgraded by analysts at The Goldman Sachs Group, Inc. from a “neutral” rating to a “buy” rating. They now have a $14.00 price target on the stock.
• 3/20/2024 – Tencent Music Entertainment Group had its price target raised by analysts at Bank of America Co. from $10.50 to $12.30. They now have a “buy” rating on the stock.
• 3/20/2024 – Tencent Music Entertainment Group had its price target raised by analysts at Mizuho from $12.00 to $13.00. They now have a “buy” rating on the stock.
• 3/20/2024 – Tencent Music Entertainment Group had its price target raised by analysts at Benchmark Co. from $9.00 to $14.00. They now have a “buy” rating on the stock.
• 3/20/2024 – Tencent Music Entertainment Group was upgraded by analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating. They now have a $13.00 price target on the stock, up previously from $9.00.
• 2/5/2024 – Tencent Music Entertainment Group is now covered by analysts at CLSA. They set an “outperform” rating and a $10.50 price target on the stock.
• 2/5/2024 – Tencent Music Entertainment Group is now covered by analysts at Redburn Atlantic. They set a “buy” rating and a $12.00 price target on the stock.

Tencent Music Entertainment Group Trading Up 1.1 %

TME traded up $0.12 during trading on Friday, reaching $11.18. 6,011,602 shares of the company’s stock were exchanged, compared to its average volume of 10,273,307. Tencent Music Entertainment Group has a one year low of $5.70 and a one year high of $11.80. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $19.19 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 0.78 and a beta of 0.80. The firm has a fifty day moving average price of $9.98 and a two-hundred day moving average price of $8.49.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently added to or reduced their stakes in TME. Nordea Investment Management AB boosted its stake in shares of Tencent Music Entertainment Group by 25.1% in the 4th quarter. Nordea Investment Management AB now owns 1,321,517 shares of the company’s stock valued at $11,735,000 after purchasing an additional 265,093 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Tencent Music Entertainment Group by 349.4% during the third quarter. Vontobel Holding Ltd. now owns 48,425 shares of the company’s stock worth $309,000 after acquiring an additional 37,649 shares in the last quarter. Deutsche Bank AG boosted its stake in Tencent Music Entertainment Group by 262.6% during the third quarter. Deutsche Bank AG now owns 2,344,133 shares of the company’s stock worth $14,956,000 after acquiring an additional 1,697,604 shares in the last quarter. Invesco Ltd. boosted its stake in Tencent Music Entertainment Group by 17.6% during the third quarter. Invesco Ltd. now owns 11,648,403 shares of the company’s stock worth $74,317,000 after acquiring an additional 1,747,251 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in Tencent Music Entertainment Group by 432.9% during the third quarter. Qube Research & Technologies Ltd now owns 330,157 shares of the company’s stock worth $2,106,000 after acquiring an additional 268,202 shares in the last quarter. 24.32% of the stock is owned by institutional investors.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.