Tencent Music Entertainment Group (NYSE:TME) Reaches New 12-Month High After Analyst Upgrade

Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday after Mizuho raised their price target on the stock from $13.00 to $15.00. Mizuho currently has a buy rating on the stock. Tencent Music Entertainment Group traded as high as $14.49 and last traded at $14.19, with a volume of 4269241 shares trading hands. The stock had previously closed at $13.34.

TME has been the subject of a number of other research reports. Morgan Stanley boosted their target price on shares of 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. Redburn Atlantic assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a "buy" rating and a $12.00 price target for the company. Benchmark increased their target price on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a "buy" rating in a report on Wednesday, March 20th. Bank of America upped their price objective on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a "buy" rating in a research report on Wednesday, March 20th. Finally, The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price target for the company in a report on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and an average price target of $11.78.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently modified their holdings of the stock. Tobam bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $36,000. Headinvest LLC purchased a new position in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $39,000. Lindbrook Capital LLC grew its stake in shares of Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company's stock worth $63,000 after acquiring an additional 2,044 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $64,000. Finally, SageView Advisory Group LLC purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $90,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Price Performance

The firm has a 50 day moving average price of $11.58 and a two-hundred day moving average price of $9.78. The company has a market cap of $25.40 billion, a P/E ratio of 33.64, a P/E/G ratio of 0.82 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. The business had revenue of $971.00 million for the quarter, compared to analysts' expectations of $925.06 million. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. On average, analysts predict that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.