Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $24.47 Average PT from Analysts

Key Points

• Tencent Music Entertainment Group has received an average rating of "Buy" from eleven brokerages, with nine analysts recommending a buy and two a strong buy.
• The average 12-month price target for the stock among analysts is $24.47, with Barclays recently raising its target to $27.00.
• Institutional investors own 24.32% of Tencent Music's stock, with notable investments from Nuveen LLC and Norges Bank totaling over $196 million.

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) have been given a consensus recommendation of "Buy" by the eleven research firms that are currently covering the stock, Marketbeat.com reports. Nine investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $24.4714.

TME has been the topic of several research reports. Barclays reaffirmed an "overweight" rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Benchmark lifted their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Finally, Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Wednesday, August 13th.

Tencent Music Entertainment Group Stock Down 4.0%

Tencent Music Entertainment Group stock traded down $1.05 during trading hours on Friday, hitting $25.31. 10,301,192 shares of the stock traded hands, compared to its average volume of 5,424,741. The firm's 50-day moving average price is $23.58 and its two-hundred day moving average price is $18.33. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $43.43 billion, a PE ratio of 27.81 and a beta of 0.54. Tencent Music Entertainment Group has a one year low of $9.66 and a one year high of $26.70.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds have recently made changes to their positions in the stock. Schroder Investment Management Group boosted its position in shares of Tencent Music Entertainment Group by 2.2% in the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company's stock worth $1,324,310,000 after purchasing an additional 1,491,095 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock worth $432,206,000 after purchasing an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC boosted its position in shares of Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock worth $345,619,000 after purchasing an additional 4,128,678 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Tencent Music Entertainment Group by 26.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company's stock worth $380,085,000 after purchasing an additional 4,071,323 shares in the last quarter. Finally, State Street Corp lifted its position in Tencent Music Entertainment Group by 1.3% in the 2nd quarter. State Street Corp now owns 12,553,992 shares of the company's stock valued at $244,677,000 after acquiring an additional 155,692 shares in the last quarter. 24.32% of the stock is owned by 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.