Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.
TME has been the topic of several other research reports. Benchmark lifted their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $24.47.
Check Out Our Latest Stock Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Stock Down 3.0%
NYSE TME opened at $22.50 on Monday. Tencent Music Entertainment Group has a 52 week low of $10.11 and a 52 week high of $26.70. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The business's fifty day simple moving average is $24.33 and its 200-day simple moving average is $19.58. The firm has a market cap of $38.60 billion, a PE ratio of 24.72 and a beta of 0.51.
Hedge Funds Weigh In On Tencent Music Entertainment Group
Several institutional investors have recently bought and sold shares of TME. Exchange Traded Concepts LLC grew its position in Tencent Music Entertainment Group by 16.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 149,852 shares of the company's stock valued at $2,159,000 after acquiring an additional 20,682 shares in the last quarter. Matthews International Capital Management LLC grew its position in shares of Tencent Music Entertainment Group by 5.7% during the first quarter. Matthews International Capital Management LLC now owns 799,880 shares of the company's stock worth $11,526,000 after buying an additional 42,923 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company's stock worth $196,000 after buying an additional 3,570 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of Tencent Music Entertainment Group by 0.5% during the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock worth $7,272,000 after buying an additional 2,549 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tencent Music Entertainment Group by 3,382.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after buying an additional 4,352,834 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.
About Tencent Music Entertainment Group
(
Get Free Report)
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.
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