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

Key Points

• Wall Street Zen has downgraded Tencent Music Entertainment Group's stock rating from "buy" to "hold" in a research report released on Saturday.
• Tencent Music currently has a consensus rating of "Moderate Buy," with a consensus price target of $16.60, despite multiple analysts giving it "outperform" or buy ratings.
• The stock has shown volatility with a 12-month low of $9.41 and a high of $22.50, currently opening at $21.30.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

A number of other equities research analysts also recently weighed in on TME. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, June 17th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $16.60.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock traded up $0.07 during mid-day trading on Friday, reaching $21.30. 5,045,100 shares of the company were exchanged, compared to its average volume of 5,723,395. The company has a fifty day simple moving average of $19.04 and a 200-day simple moving average of $15.03. The firm has a market cap of $36.55 billion, a PE ratio of 31.79 and a beta of 0.55. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $22.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. SVB Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth about $34,000. Banque Transatlantique SA bought a new stake in Tencent Music Entertainment Group in the 1st quarter valued at about $46,000. Brooklyn Investment Group increased its position in Tencent Music Entertainment Group by 957.1% in the 1st 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. Unigestion Holding SA bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $161,000. Finally, Diametric Capital LP bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $162,000. 24.32% of the stock is owned by institutional investors.

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.