Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives $24.47 Consensus Target Price 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 earned an average rating of "Buy" from the ten research firms that are covering the company, MarketBeat reports. Nine analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $24.4714.

A number of research firms have weighed in on TME. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Wall Street Zen raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday. Benchmark increased their target price on shares of 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. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Wednesday, August 13th. Finally, Citigroup reissued a "buy" rating and set a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th.

Tencent Music Entertainment Group Trading Up 1.5%

NYSE:TME traded up $0.3760 on Wednesday, reaching $25.3660. 3,232,963 shares of the stock traded hands, compared to its average volume of 6,274,201. The firm has a market capitalization of $43.53 billion, a price-to-earnings ratio of 27.87 and a beta of 0.50. The company's 50 day moving average is $21.28 and its 200-day moving average is $16.70. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $26.54.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Tencent Music Entertainment Group by 5.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company's stock worth $264,000 after buying an additional 651 shares in the last quarter. PDS Planning Inc boosted its holdings in shares of Tencent Music Entertainment Group by 5.6% during the 2nd quarter. PDS Planning Inc now owns 12,561 shares of the company's stock worth $245,000 after buying an additional 665 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Tencent Music Entertainment Group by 0.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company's stock worth $1,975,000 after buying an additional 842 shares in the last quarter. BNP Paribas boosted its holdings in shares of Tencent Music Entertainment Group by 2.0% during the 4th quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after buying an additional 1,131 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 11.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company's stock worth $249,000 after buying an additional 1,269 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Company Profile

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.