Brokerages Set Tencent Music Entertainment Group (NYSE:TME) Price Target at $13.54

Shares of Tencent Music Entertainment Group (NYSE:TME) have been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $14.04.

A number of brokerages recently weighed in on TME. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set 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 set an “overweight” rating and a $16.00 target price on the stock. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Tuesday, January 21st.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TME. Cantillon Capital Management LLC grew its position in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after buying an additional 5,265,783 shares during the last quarter. Mawer Investment Management Ltd. grew its position in shares of Tencent Music Entertainment Group by 1,131.8% in the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock worth $54,801,000 after buying an additional 4,178,636 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tencent Music Entertainment Group by 287.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock worth $58,382,000 after buying an additional 3,594,383 shares during the last quarter. FMR LLC grew its position in shares of Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after buying an additional 2,967,779 shares during the last quarter. Finally, Coronation Fund Managers Ltd. grew its position in shares of Tencent Music Entertainment Group by 84.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock worth $68,158,000 after buying an additional 2,592,381 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 2.3 %

Shares of TME opened at $11.74 on Friday. Tencent Music Entertainment Group has a 1-year low of $9.15 and a 1-year high of $15.77. The company has a 50-day moving average of $11.55 and a 200 day moving average of $11.62. The firm has a market capitalization of $20.14 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 0.72 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

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.