Tencent Music Entertainment Group (NYSE:TME) Raised to “Buy” at Deutsche Bank Aktiengesellschaft

Tencent Music Entertainment Group (NYSE:TME) was upgraded by Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports.

Several other brokerages have also issued reports on TME. Morgan Stanley raised 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. Mizuho upped their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $14.73 on Wednesday. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77. The business’s fifty day simple moving average is $12.75 and its 200-day simple moving average is $11.92. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $25.28 billion, a PE ratio of 27.28, a PEG ratio of 0.77 and a beta of 0.70.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Schroder Investment Management Group boosted its holdings in shares of Tencent Music Entertainment Group by 6.7% in the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock valued at $715,783,000 after acquiring an additional 3,987,116 shares during the last quarter. Vanguard Group Inc. lifted its position in Tencent Music Entertainment Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock valued at $335,833,000 after purchasing an additional 332,264 shares during the period. Cantillon Capital Management LLC boosted its holdings in Tencent Music Entertainment Group by 18.3% in the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after purchasing an additional 3,384,230 shares during the last quarter. Krane Funds Advisors LLC grew its position in Tencent Music Entertainment Group by 21.8% during the 4th quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock worth $225,365,000 after purchasing an additional 3,560,452 shares during the period. Finally, State Street Corp raised its stake in shares of Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after buying an additional 166,225 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

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.