Tencent Music Entertainment Group (NYSE:TME) Upgraded by Wall Street Zen to Buy Rating

Key Points

• The rating for Tencent Music Entertainment Group (NYSE:TME) has been upgraded from "hold" to "buy" by Wall Street Zen.
• Several other analysts also gave positive ratings, with Citigroup raising its price target for the stock from $23.00 to $29.00.
• The average target price for TME is currently $24.47, with a market capitalization of $43.53 billion and a P/E ratio of 27.87.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Friday.

A number of other brokerages also recently commented on TME. Citigroup reiterated a "buy" rating and issued a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Benchmark raised their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Wednesday, August 13th. Barclays reiterated an "overweight" rating and issued a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock traded down $0.92 during mid-day trading on Friday, reaching $24.91. The stock had a trading volume of 6,510,970 shares, compared to its average volume of 7,311,364. The firm's 50 day simple moving average is $21.84 and its 200 day simple moving average is $17.07. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $26.54. The firm has a market cap of $42.74 billion, a PE ratio of 27.37 and a beta of 0.50.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds have recently modified their holdings of the stock. Nuveen LLC acquired a new stake in Tencent Music Entertainment Group during the 1st quarter valued at $85,498,000. Norges Bank acquired a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at $110,813,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock valued at $64,579,000 after purchasing an additional 4,352,834 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in Tencent Music Entertainment Group by 20.8% during the 1st 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. Finally, JPMorgan Chase & Co. increased its holdings in Tencent Music Entertainment Group by 26.4% during the 2nd 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. 24.32% of the stock is owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

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.