Tencent Music Entertainment Group (NYSE:TME) Upgraded by Zacks Research to Strong-Buy Rating

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 analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Tuesday, August 26th,Zacks.com reports.

Several other research analysts also recently issued reports on the stock. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Wednesday, August 13th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Benchmark boosted their price objective on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Citigroup reissued a "buy" rating and set a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Macquarie set a $29.80 price objective on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have given a 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 Up 0.4%

Shares of NYSE TME traded up $0.11 during midday trading on Tuesday, hitting $24.63. The stock had a trading volume of 1,642,582 shares, compared to its average volume of 7,454,705. The business's 50 day moving average is $22.09 and its 200-day moving average is $17.30. The company has a market cap of $42.27 billion, a P/E ratio of 27.08 and a beta of 0.54. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $26.54. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ethic Inc. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at approximately $192,000. Envestnet Asset Management Inc. increased its holdings in Tencent Music Entertainment Group by 10.6% during the first quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company's stock valued at $5,583,000 after buying an additional 37,108 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in Tencent Music Entertainment Group by 2,271.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,924,231 shares of the company's stock valued at $21,840,000 after buying an additional 1,843,075 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Tencent Music Entertainment Group by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,253,409 shares of the company's stock valued at $36,925,000 after buying an additional 352,082 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth $731,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

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.