Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Consensus Rating of "Moderate Buy" by Analysts

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) have received an average recommendation of "Moderate Buy" from the eleven ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $16.60.

A number of equities analysts recently commented on the company. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Finally, Mizuho increased their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Voya Investment Management LLC boosted its position in shares of Tencent Music Entertainment Group by 169.1% during the 1st quarter. Voya Investment Management LLC now owns 180,629 shares of the company's stock worth $2,603,000 after purchasing an additional 113,503 shares in the last quarter. First Hawaiian Bank acquired a new position in Tencent Music Entertainment Group during the 1st quarter worth approximately $1,292,000. Strs Ohio bought a new position in Tencent Music Entertainment Group in the first quarter worth approximately $1,228,000. Acadian Asset Management LLC grew its stake in Tencent Music Entertainment Group by 385,900.0% in the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company's stock valued at $722,000 after acquiring an additional 50,167 shares during the period. Finally, Belpointe Asset Management LLC bought a new stake in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $648,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $19.55 on Tuesday. The company has a market capitalization of $33.55 billion, a price-to-earnings ratio of 23.27 and a beta of 0.51. 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 twelve month low of $9.41 and a twelve month high of $19.58. The stock has a fifty day simple moving average of $16.61 and a 200 day simple moving average of $13.87.

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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