Analysts Set Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Price Target at $25.79

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given a consensus rating of “Moderate Buy” by the thirteen ratings firms that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $25.7875.

Several equities analysts recently issued reports on TME shares. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Morgan Stanley dropped their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a report on Monday, December 22nd. Bank of America assumed coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target for the company. Barclays lifted their price objective on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Finally, Benchmark cut 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 report on Thursday, November 13th.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in TME. Smartleaf Asset Management LLC acquired a new position in Tencent Music Entertainment Group during the third quarter worth $31,000. Allworth Financial LP grew its stake in shares of Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after purchasing an additional 573 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings in shares of Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after purchasing an additional 2,022 shares in the last quarter. Global Retirement Partners LLC lifted its stake in shares of Tencent Music Entertainment Group by 1,326.5% in the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after purchasing an additional 1,751 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE:TME opened at $15.84 on Wednesday. Tencent Music Entertainment Group has a 1-year low of $11.71 and a 1-year high of $26.70. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average price of $17.19 and a 200 day moving average price of $20.73.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.