Tencent Music Entertainment Group (NYSE:TME) Upgraded at Daiwa Capital Markets

Key Points

• Tencent Music Entertainment Group (NYSE:TME) has been upgraded from a "neutral" rating to an "outperform" rating by Daiwa Capital Markets, indicating a more optimistic outlook for the stock.
• The stock has seen significant trading volume, closing at $25.65 after an increase of $2.95, and has a market capitalization of $44.01 billion.
• Analysts have a consensus rating of "Moderate Buy" for TME, with a target price of $16.60, showing a generally positive sentiment among market analysts.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was upgraded by research analysts at Daiwa Capital Markets from a "neutral" rating to an "outperform" rating in a research note issued on Tuesday,Briefing.com Automated Import reports.

Other equities analysts have also recently issued research reports about the stock. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Wall Street Zen cut shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Monday. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME traded up $2.95 during trading on Tuesday, hitting $25.65. 12,581,150 shares of the company were exchanged, compared to its average volume of 7,442,496. The business's 50 day moving average is $19.98 and its 200-day moving average is $15.92. The company has a market capitalization of $44.01 billion, a P/E ratio of 30.53 and a beta of 0.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $25.98.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Tencent Music Entertainment Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock worth $432,206,000 after purchasing an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC increased its position in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after purchasing an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company's stock worth $380,085,000 after purchasing an additional 4,071,323 shares in the last quarter. FMR LLC increased its position in shares of Tencent Music Entertainment Group by 64.7% during the 4th quarter. FMR LLC now owns 9,831,895 shares of the company's stock worth $111,592,000 after purchasing an additional 3,861,122 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth about $85,498,000. 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.

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