Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts have given Tencent Music Entertainment Group a consensus recommendation of "Moderate Buy", with an average price objective of $16.60.
• JPMorgan Chase & Co. significantly increased its stake in the company by 558.2%, now holding approximately 11.77 million shares, valued at $133.63 million.
• Tencent Music reported a market capitalization of $36.55 billion, with shares trading at approximately $21.30 as of the last report.

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the eleven analysts that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $16.60.

TME has been the subject of a number of recent analyst reports. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Saturday. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock valued at $133,629,000 after buying an additional 9,984,690 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at $113,031,000. Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $99,539,000. Mawer Investment Management Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 152.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after acquiring an additional 6,919,574 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Tencent Music Entertainment Group during the 1st quarter worth $85,498,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Trading Up 0.3%

Shares of NYSE:TME opened at $21.30 on Friday. The business's 50 day simple moving average is $19.04 and its 200 day simple moving average is $15.03. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year 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. The company has a market capitalization of $36.55 billion, a P/E ratio of 25.36 and a beta of 0.55.

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.

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