Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $24.47 Consensus Price Target from Brokerages

Key Points

• Tencent Music Entertainment Group (NYSE:TME) has received a consensus rating of "Buy" from ten brokerage firms, with nine analysts rating it a buy and one a strong buy.
• The average 12-month price target for TME shares is $24.47, with recent upgrades from firms like Benchmark and Citigroup setting targets as high as $29.80.
• Institutional investors like Schroder Investment Management and JPMorgan Chase have increased their stakes in TME, indicating growing confidence in the company's market position.

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) have received an average rating of "Buy" from the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. Nine research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $24.4714.

A number of research firms have recently commented on TME. Barclays reiterated an "overweight" rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Citigroup reissued a "buy" rating and issued a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME traded up $0.3760 during mid-day trading on Wednesday, reaching $25.3660. 3,232,963 shares of the company's stock were exchanged, compared to its average volume of 6,183,585. The firm has a market capitalization of $43.53 billion, a price-to-earnings ratio of 27.87 and a beta of 0.50. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $26.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a 50-day moving average price of $21.28 and a two-hundred day moving average price of $16.77.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TME. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group in the 1st quarter valued at approximately $34,000. Banque Transatlantique SA bought a new position in Tencent Music Entertainment Group in the 1st quarter valued at approximately $46,000. EverSource Wealth Advisors LLC lifted its position in 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 in the last quarter. Brooklyn Investment Group lifted its position in 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 in the last quarter. Finally, MAI Capital Management bought a new position in Tencent Music Entertainment Group in the 2nd quarter valued at approximately $73,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

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.