Analysts Set Tencent Music Entertainment Group (NYSE:TME) Target Price at $13.28

Shares of Tencent Music Entertainment Group (NYSE:TME) have received a consensus rating of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $13.28.

TME has been the topic of a number of research reports. Daiwa America lowered shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Benchmark reduced their target price on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Finally, Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th.

Tencent Music Entertainment Group Stock Performance

Shares of TME opened at $11.53 on Monday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $19.79 billion, a PE ratio of 21.35, a price-to-earnings-growth ratio of 0.87 and a beta of 0.67. The company’s 50 day simple moving average is $11.62 and its 200-day simple moving average is $12.73. Tencent Music Entertainment Group has a 12-month low of $7.93 and a 12-month high of $15.77.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Progeny 3 Inc. acquired a new position in Tencent Music Entertainment Group during the second quarter worth $11,436,000. Swedbank AB acquired a new position in Tencent Music Entertainment Group during the first quarter worth $1,980,000. Russell Investments Group Ltd. raised its holdings in Tencent Music Entertainment Group by 102.8% during the first quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock worth $7,919,000 after purchasing an additional 358,694 shares during the last quarter. Diversified Trust Co acquired a new position in Tencent Music Entertainment Group during the second quarter worth $632,000. Finally, SG Americas Securities LLC raised its holdings in Tencent Music Entertainment Group by 33.3% during the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company’s stock worth $4,462,000 after purchasing an additional 79,307 shares during 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 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.