Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $25.79 Consensus Price Target from Analysts

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given an average rating of “Moderate Buy” by the thirteen brokerages that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $25.7875.

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Benchmark lowered 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. Morgan Stanley cut their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. Finally, Barclays raised their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th.

Tencent Music Entertainment Group Trading Up 1.7%

TME opened at $13.97 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a twelve month low of $11.71 and a twelve month high of $26.70. The company has a 50-day simple moving average of $16.07 and a 200 day simple moving average of $19.65.

Institutional Trading of Tencent Music Entertainment Group

Several large investors have recently bought and sold shares of the business. Schroder Investment Management Group raised its stake in Tencent Music Entertainment Group by 30.0% during the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after acquiring an additional 18,554,567 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock valued at $376,119,000 after purchasing an additional 293,385 shares in the last quarter. Krane Funds Advisors LLC grew its holdings in shares of Tencent Music Entertainment Group by 5.4% during the 4th quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock valued at $351,427,000 after purchasing an additional 1,026,551 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after purchasing an additional 4,071,323 shares during the last quarter. Finally, Cantillon Capital Management LLC increased its position in Tencent Music Entertainment Group by 1.4% during the 4th quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company’s stock worth $327,960,000 after purchasing an additional 256,286 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

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.