Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report)'s share price reached a new 52-week high on Tuesday . The company traded as high as $21.22 and last traded at $21.06, with a volume of 1848466 shares traded. The stock had previously closed at $20.67.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on TME. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Mizuho raised their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Macquarie set a $26.20 price target on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two 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. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and an average price target of $16.60.
View Our Latest Report on Tencent Music Entertainment Group
Tencent Music Entertainment Group Price Performance
The stock has a 50-day simple moving average of $17.89 and a 200 day simple moving average of $14.44. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The company has a market cap of $36.48 billion, a PE ratio of 25.32 and a beta of 0.55.
Institutional Investors Weigh In On Tencent Music Entertainment Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at $34,000. Banque Transatlantique SA bought a new position in Tencent Music Entertainment Group during the first quarter valued at about $46,000. Brooklyn Investment Group raised its holdings in Tencent Music Entertainment Group by 957.1% during 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 in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after purchasing an additional 1,094 shares during the period. Finally, Unigestion Holding SA bought a new position in Tencent Music Entertainment Group during the fourth quarter valued at about $161,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.
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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