Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s stock had its "buy (b-)" rating reaffirmed by equities researchers at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.
A number of other analysts have also recently issued reports on the company. Wall Street Zen raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Benchmark increased their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Barclays reissued an "overweight" rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Wednesday, August 13th. Finally, Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of "Buy" and a consensus target price of $24.47.
Read Our Latest Report on TME
Tencent Music Entertainment Group Stock Performance
Shares of TME stock traded up $0.22 on Wednesday, hitting $23.26. 2,947,917 shares of the stock were exchanged, compared to its average volume of 7,119,237. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $39.92 billion, a PE ratio of 25.56 and a beta of 0.51. Tencent Music Entertainment Group has a one year low of $10.11 and a one year high of $26.70. The firm's 50 day moving average is $24.15 and its two-hundred day moving average is $19.28.
Hedge Funds Weigh In On Tencent Music Entertainment Group
Several institutional investors and hedge funds have recently bought and sold shares of TME. Nuveen LLC bought a new position in Tencent Music Entertainment Group during the 1st quarter worth approximately $85,498,000. Norges Bank bought a new position in Tencent Music Entertainment Group during the 2nd quarter worth approximately $110,813,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tencent Music Entertainment Group by 3,382.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock worth $64,579,000 after buying an additional 4,352,834 shares during the last quarter. Krane Funds Advisors LLC grew its position in shares of Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after buying an additional 4,128,678 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Tencent Music Entertainment Group by 26.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company's stock worth $380,085,000 after buying an additional 4,071,323 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.
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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