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

Shares of Tencent Music Entertainment Group (NYSE:TME) have received a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $14.04.

TME has been the topic of several analyst reports. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research report on Tuesday, January 21st. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price on the stock. Finally, Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares in the last quarter. Raymond James Financial Inc. bought a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $731,000. DJE Kapital AG acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $1,671,000. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Finally, Cantillon Capital Management LLC increased its position in Tencent Music Entertainment Group by 18.3% in the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after acquiring an additional 3,384,230 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 3.9 %

Shares of Tencent Music Entertainment Group stock opened at $12.54 on Friday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $9.15 and a 12-month high of $15.77. The company has a market capitalization of $21.51 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 0.73 and a beta of 0.70. The firm’s 50-day moving average price is $11.56 and its two-hundred day moving average price is $11.62.

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.