Tencent Music Entertainment Group (NYSE:TME) Upgraded to Overweight at Morgan Stanley

Tencent Music Entertainment Group (NYSE:TME) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday,Benzinga reports. The firm currently has a $13.00 target price on the stock. Morgan Stanley’s target price points to a potential upside of 20.52% from the stock’s current price.

Several other equities research analysts also recently issued reports on TME. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective for the company. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.28.

Tencent Music Entertainment Group Stock Performance

TME opened at $10.79 on Tuesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $18.50 billion, a PE ratio of 19.98, a P/E/G ratio of 0.65 and a beta of 0.69. The business has a fifty day simple moving average of $11.44 and a 200-day simple moving average of $11.86. Tencent Music Entertainment Group has a fifty-two week low of $8.19 and a fifty-two week high of $15.77.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. Avior Wealth Management LLC lifted its holdings in shares of Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares in the last quarter. Caprock Group LLC acquired a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at $147,000. Diversify Advisory Services LLC bought a new stake in Tencent Music Entertainment Group during the 3rd quarter valued at $166,000. Finally, DRW Securities LLC acquired a new position in Tencent Music Entertainment Group during the third quarter worth $169,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

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.