Tencent Music Entertainment Group (NYSE:TME) Price Target Raised to $28.00 at Benchmark

Key Points

• Benchmark has raised the price target for Tencent Music Entertainment Group from $19.00 to $28.00, indicating a potential upside of 7.37% from the current stock price.
• Analyst ratings vary, with ten analysts rating the stock as a buy, two as hold, and one as strong buy, resulting in a consensus rating of "Moderate Buy."
• Tencent Music's stock experienced a 2.7% increase, reaching $26.08, with a market capitalization of approximately $44.75 billion.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) had its target price upped by stock analysts at Benchmark from $19.00 to $28.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's target price points to a potential upside of 7.37% from the company's current price.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Monday. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Wednesday. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday. Finally, Barclays reaffirmed an "overweight" rating and set a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average price target of $23.29.

Tencent Music Entertainment Group Stock Up 2.7%

Shares of Tencent Music Entertainment Group stock traded up $0.69 on Wednesday, hitting $26.08. The company had a trading volume of 2,143,960 shares, compared to its average volume of 7,428,743. The stock has a market capitalization of $44.75 billion, a price-to-earnings ratio of 31.13 and a beta of 0.50. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $26.54. The stock has a 50 day moving average of $20.14 and a 200-day moving average of $15.99. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83.

Institutional Trading of Tencent Music Entertainment Group

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Tencent Music Entertainment Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock valued at $432,206,000 after purchasing an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC grew its position in shares of Tencent Music Entertainment Group by 20.8% in the first quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after purchasing an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Tencent Music Entertainment Group by 26.4% in the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company's stock valued at $380,085,000 after purchasing an additional 4,071,323 shares in the last quarter. Nuveen LLC purchased a new position in shares of Tencent Music Entertainment Group in the first quarter valued at $85,498,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Tencent Music Entertainment Group by 15.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,062,619 shares of the company's stock valued at $72,952,000 after purchasing an additional 666,674 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

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.

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