Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $24.29 Consensus PT from Analysts

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $24.2875.

TME has been the topic of several recent research reports. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. Finally, Bank of America initiated coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target on the stock.

Tencent Music Entertainment Group Trading Up 2.6%

NYSE:TME opened at $18.45 on Friday. The company has a market capitalization of $31.66 billion, a P/E ratio of 19.22, a P/E/G ratio of 1.32 and a beta of 0.48. The stock’s 50 day moving average price is $21.71 and its 200 day moving average price is $21.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group has a 52 week low of $10.26 and a 52 week high of $26.70.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently modified their holdings of TME. Smartleaf Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $31,000. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group during the first quarter valued at about $34,000. Global Retirement Partners LLC raised its holdings in Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after acquiring an additional 1,751 shares in the last quarter. Banque Transatlantique SA bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $46,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after purchasing an additional 1,397 shares in the last quarter. 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.