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

Tencent Music Entertainment Group (NYSE:TME) has been given an average rating of “Moderate Buy” by the fourteen analysts that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $13.28.

Several research firms have recently weighed in on TME. Barclays started coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Finally, Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock.

Tencent Music Entertainment Group Stock Down 1.6 %

Tencent Music Entertainment Group stock opened at $10.75 on Tuesday. The business’s 50-day moving average price is $11.56 and its 200 day moving average price is $12.04. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $18.45 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69. Tencent Music Entertainment Group has a 52 week low of $8.19 and a 52 week high of $15.77.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of large investors have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC acquired a new position in Tencent Music Entertainment Group during the second quarter worth $37,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at about $64,000. Avior Wealth Management LLC increased its position in Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares during the last quarter. Caprock Group LLC acquired a new position in Tencent Music Entertainment Group in the 3rd quarter valued at about $147,000. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at approximately $166,000. 24.32% of the stock is currently owned by hedge funds and other 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.