Tencent Music Entertainment Group (NYSE:TME) Receives $13.28 Consensus Target Price from Analysts

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

A number of brokerages recently issued reports on TME. Sanford C. Bernstein initiated coverage on 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. Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock.

Institutional Trading of Tencent Music Entertainment Group

Institutional investors have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the second quarter worth approximately $37,000. Tobam raised its holdings in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after purchasing an additional 957 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $64,000. Avior Wealth Management LLC boosted 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 valued at $68,000 after buying an additional 4,071 shares in the last quarter. Finally, Caprock Group LLC purchased a new position in shares of Tencent Music Entertainment Group in the 3rd quarter valued at $147,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Price Performance

TME stock opened at $11.79 on Friday. Tencent Music Entertainment Group has a 52-week low of $8.15 and a 52-week high of $15.77. 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 stock has a market cap of $20.23 billion, a price-to-earnings ratio of 21.83, a price-to-earnings-growth ratio of 0.91 and a beta of 0.68. The business has a fifty day moving average of $11.69 and a two-hundred day moving average of $12.39.

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.