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Tencent Music Entertainment Group (NYSE:TME) Rating Lowered to "Hold" at Wall Street Zen

Tencent Music Entertainment Group logo with Consumer Discretionary background

Key Points

  • Tencent Music Entertainment Group's stock rating was downgraded from "buy" to "hold" by analysts at Wall Street Zen.
  • Current consensus rating is "Moderate Buy" with a price target of $16.60, despite mixed ratings from various research analysts.
  • The stock opened at $22.12 and has seen significant institutional investment, with hedge funds owning 24.32% of Tencent Music's shares.
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Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Monday.

Several other equities research analysts have also commented on the company. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.

Get Our Latest Report on Tencent Music Entertainment Group

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $22.12 on Monday. The firm has a market capitalization of $37.96 billion, a P/E ratio of 26.33 and a beta of 0.50. The stock has a fifty day moving average price of $19.87 and a 200 day moving average price of $15.84. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $22.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Freemont Capital Pte Ltd purchased a new position in Tencent Music Entertainment Group in the second quarter valued at about $526,000. Intech Investment Management LLC lifted its holdings in Tencent Music Entertainment Group by 61.5% during the 2nd quarter. Intech Investment Management LLC now owns 32,320 shares of the company's stock worth $630,000 after buying an additional 12,302 shares during the last quarter. Creative Planning lifted its holdings in Tencent Music Entertainment Group by 30.6% during the 2nd quarter. Creative Planning now owns 122,633 shares of the company's stock worth $2,390,000 after buying an additional 28,747 shares during the last quarter. SG Americas Securities LLC bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth approximately $6,178,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Tencent Music Entertainment Group by 0.5% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,247,192 shares of the company's stock worth $24,308,000 after buying an additional 6,384 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

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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Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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