Tencent Music Entertainment Group (NYSE:TME) Hits New 52-Week High - Should You Buy?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $19.58 and last traded at $19.43, with a volume of 1084884 shares traded. The stock had previously closed at $19.10.

Analysts Set New Price Targets

A number of research firms recently commented on TME. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Mizuho increased their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, March 19th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.

Tencent Music Entertainment Group Stock Performance

The firm has a 50 day moving average price of $16.61 and a 200-day moving average price of $13.87. The stock has a market capitalization of $32.92 billion, a PE ratio of 22.84 and a beta of 0.51. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. SVB Wealth LLC purchased a new stake in Tencent Music Entertainment Group in the first quarter valued at $34,000. Banque Transatlantique SA purchased a new position in Tencent Music Entertainment Group during the first quarter valued at approximately $46,000. Brooklyn Investment Group raised its position 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 acquiring an additional 4,307 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $114,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Tencent Music Entertainment Group Company Profile

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.