Brokerages Set Tencent Music Entertainment Group (NYSE:TME) Price Target at $13.28

Tencent Music Entertainment Group (NYSE:TME) has been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating on 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 analysts have weighed in on TME shares. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $15.00 to $13.00 in a research note on Wednesday, September 25th. Sanford C. Bernstein started coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price on the stock. Finally, 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 price target for the company.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $10.91 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 company’s fifty day moving average price is $11.57 and its 200-day moving average price is $12.08. Tencent Music Entertainment Group has a 1-year low of $8.19 and a 1-year high of $15.77. The firm has a market capitalization of $18.72 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new stake in Tencent Music Entertainment Group in the second quarter valued at approximately $37,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at approximately $64,000. Avior Wealth Management LLC grew its stake in 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 acquiring an additional 4,071 shares during the period. Caprock Group LLC purchased a new stake in Tencent Music Entertainment Group in the 3rd quarter worth $147,000. Finally, Diversify Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group in the 3rd quarter worth $166,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

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.