Tencent Music Entertainment Group (NYSE:TME) Rating Increased to Buy at Wall Street Zen

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 equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Friday.

TME has been the subject of several other reports. Citigroup restated a "buy" rating and issued a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating 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 company a "buy" rating in a research report on Wednesday, August 13th. Finally, Barclays reaffirmed an "overweight" rating and set 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. One research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $25.3660 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The business has a 50-day moving average price of $21.28 and a 200 day moving average price of $16.70. The company has a market capitalization of $43.53 billion, a P/E ratio of 27.87 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.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group in the first quarter worth about $34,000. EverSource Wealth Advisors LLC increased its stake in shares of 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 worth $59,000 after purchasing an additional 1,363 shares in the last quarter. Banque Transatlantique SA purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $46,000. MAI Capital Management acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $73,000. Finally, Brooklyn Investment Group raised its position in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after buying an additional 4,307 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

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.

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