Tencent Music Entertainment Group (NYSE:TME) Receives $14.04 Consensus Price Target from Brokerages

Shares of Tencent Music Entertainment Group (NYSE:TME) have been assigned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $14.04.

A number of research firms have recently issued reports on TME. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a research note on Tuesday, January 21st.

Tencent Music Entertainment Group Stock Up 2.5 %

Shares of NYSE:TME opened at $12.65 on Wednesday. Tencent Music Entertainment Group has a 52 week low of $9.15 and a 52 week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $21.71 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The firm has a 50 day simple moving average of $11.88 and a 200 day simple moving average of $11.56.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of Montreal Can lifted its holdings in shares of Tencent Music Entertainment Group by 86.0% during the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock valued at $2,235,000 after buying an additional 84,161 shares during the last quarter. BNP Paribas Financial Markets raised its position in Tencent Music Entertainment Group by 33.6% during the third quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after acquiring an additional 480,504 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after acquiring an additional 211,873 shares during the last quarter. Fiera Capital Corp grew its position in Tencent Music Entertainment Group by 21.2% in the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after acquiring an additional 75,991 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of Tencent Music Entertainment Group by 278.6% during the 3rd quarter. US Bancorp DE now owns 101,174 shares of the company’s stock worth $1,219,000 after purchasing an additional 74,452 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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.