Shares of Tencent Music Entertainment Group (NYSE:TME - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $11.93 and last traded at $11.87, with a volume of 753147 shares changing hands. The stock had previously closed at $11.59.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on TME shares. Benchmark lifted their price target on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a "buy" rating in a research report on Wednesday, March 20th. Mizuho boosted their price objective on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a "buy" rating in a research report on Wednesday, March 20th. UBS Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price objective for the company in a research report on Wednesday, January 24th. The Goldman Sachs Group raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price target on the stock in a research note on Wednesday, March 20th. Finally, Morgan Stanley lifted their price target on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an "overweight" rating in a research note on Wednesday, March 20th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and a consensus price target of $11.63.
Get Our Latest Report on TME
Tencent Music Entertainment Group Trading Up 2.2 %
The company has a 50-day moving average price of $10.38 and a 200-day moving average price of $8.79. The firm has a market capitalization of $20.32 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 0.71 and a beta of 0.81. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49.
Institutional Trading of Tencent Music Entertainment Group
A number of large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its position in Tencent Music Entertainment Group by 595.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,394 shares of the company's stock worth $25,000 after acquiring an additional 2,906 shares during the period. Tobam purchased a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $36,000. Headinvest LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter valued at approximately $39,000. Lindbrook Capital LLC increased its stake in Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company's stock valued at $63,000 after purchasing an additional 2,044 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $76,000. 24.32% of the stock is owned by institutional investors and hedge funds.
Tencent Music Entertainment Group Company Profile
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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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.
Further Reading
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