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 stock analysts at Daiwa Capital Markets from a "neutral" rating to an "outperform" rating in a report released on Tuesday, Marketbeat reports.

TME has been the topic of a number of other research reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $24.47.

Tencent Music Entertainment Group Stock Performance

TME stock traded up $0.01 on Tuesday, reaching $25.53. 6,445,770 shares of the company were exchanged, compared to its average volume of 6,487,119. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $26.54. The stock's fifty day moving average price is $20.61 and its 200 day moving average price is $16.28. The firm has a market capitalization of $43.81 billion, a PE ratio of 28.05 and a beta of 0.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.83.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. LPL Financial LLC boosted its stake in shares of Tencent Music Entertainment Group by 40.2% in the 4th quarter. LPL Financial LLC now owns 69,539 shares of the company's stock valued at $789,000 after purchasing an additional 19,928 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Tencent Music Entertainment Group by 86.9% in the 4th quarter. Wells Fargo & Company MN now owns 136,423 shares of the company's stock valued at $1,548,000 after purchasing an additional 63,413 shares in the last quarter. FMR LLC boosted its stake in shares of Tencent Music Entertainment Group by 64.7% in the 4th quarter. FMR LLC now owns 9,831,895 shares of the company's stock valued at $111,592,000 after purchasing an additional 3,861,122 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Tencent Music Entertainment Group by 45.2% in the 4th quarter. Cerity Partners LLC now owns 50,074 shares of the company's stock valued at $573,000 after purchasing an additional 15,589 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $731,000. Institutional investors 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.