Tencent Music Entertainment Group (NYSE:TME) Upgraded at Zacks Research

Key Points

• Tencent Music Entertainment Group has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, indicating increased analyst confidence in the stock.
• Multiple analysts have raised their price targets for Tencent Music, with Citigroup setting a new target of $29.00 and Barclays increasing theirs to $27.00, reflecting bullish sentiment.
• The stock currently has a consensus rating of "Buy" with an average price target of $24.47, supported by various analysts issuing Buy or Strong Buy ratings.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

Several other research analysts have also commented on the stock. Citigroup reiterated a "buy" rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Barclays reiterated an "overweight" rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Finally, Benchmark boosted their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Trading Down 1.5%

NYSE:TME opened at $25.83 on Tuesday. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $26.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The firm has a market cap of $44.33 billion, a P/E ratio of 28.39 and a beta of 0.50. The firm has a 50-day simple moving average of $21.72 and a 200-day simple moving average of $16.99.

Institutional Trading of Tencent Music Entertainment Group

Several large investors have recently bought and sold shares of TME. SVB Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the 1st quarter worth approximately $34,000. Banque Transatlantique SA purchased a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at $46,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock valued at $59,000 after acquiring an additional 1,363 shares during the last quarter. Brooklyn Investment Group boosted its holdings in shares of 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 acquiring an additional 4,307 shares during the last quarter. Finally, MAI Capital Management purchased a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at $73,000. Hedge funds and other 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.

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