Tencent Music Entertainment Group (NYSE:TME) Given Average Rating of “Moderate Buy” by Brokerages

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

Several brokerages have recently commented on TME. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective on the stock. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Finally, Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TME. DekaBank Deutsche Girozentrale raised its holdings in shares of Tencent Music Entertainment Group by 0.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,442 shares of the company’s stock valued at $1,403,000 after purchasing an additional 922 shares in the last quarter. Intech Investment Management LLC raised its stake in Tencent Music Entertainment Group by 9.1% in the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after buying an additional 1,664 shares in the last quarter. Diversify Wealth Management LLC lifted its holdings in Tencent Music Entertainment Group by 3.9% during the 3rd quarter. Diversify Wealth Management LLC now owns 49,146 shares of the company’s stock worth $570,000 after buying an additional 1,862 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the 2nd quarter worth about $37,000. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Tencent Music Entertainment Group by 31.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock valued at $187,000 after acquiring an additional 3,746 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 1.6 %

NYSE TME opened at $10.75 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market capitalization of $18.45 billion, a P/E ratio of 19.91, a PEG ratio of 0.91 and a beta of 0.69. The firm’s 50-day moving average is $11.56 and its two-hundred day moving average is $12.04. Tencent Music Entertainment Group has a 12 month low of $8.19 and a 12 month high of $15.77.

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.