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 - Free Report) had its target price increased by Benchmark from $19.00 to $28.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently commented on TME. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note 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. Citigroup restated a "buy" rating and issued a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock remained flat at $25.55 during mid-day trading on Wednesday. The company's stock had a trading volume of 6,342,844 shares, compared to its average volume of 7,481,479. The company has a 50 day moving average price of $20.61 and a 200 day moving average price of $16.30. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The firm has a market cap of $43.85 billion, a P/E ratio of 28.08 and a beta of 0.50. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $26.54.

Institutional Trading of Tencent Music Entertainment Group

Institutional investors have recently bought and sold shares of the company. SVB Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth about $34,000. Banque Transatlantique SA bought a new position in Tencent Music Entertainment Group during the first quarter valued at about $46,000. EverSource Wealth Advisors LLC increased its stake in Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock valued at $59,000 after acquiring an additional 1,363 shares during the period. Brooklyn Investment Group grew its stake in shares of Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after purchasing an additional 4,307 shares during the period. Finally, MAI Capital Management bought a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at approximately $73,000. 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.