Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $25.7875.

Several research firms have recently weighed in on TME. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 15th. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective on the stock. Finally, Barclays upped their target price on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th.

Tencent Music Entertainment Group Stock Down 0.3%

Shares of NYSE TME opened at $17.74 on Tuesday. The stock has a market capitalization of $30.44 billion, a PE ratio of 18.48, a P/E/G ratio of 1.26 and a beta of 0.48. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average of $20.07 and a 200-day moving average of $21.51. Tencent Music Entertainment Group has a 52-week low of $10.26 and a 52-week high of $26.70.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TME. Smartleaf Asset Management LLC acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter valued at approximately $31,000. SVB Wealth LLC purchased a new position in shares of Tencent Music Entertainment Group during the 1st quarter valued at approximately $34,000. Allworth Financial LP grew its position in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares in the last quarter. Global Retirement Partners LLC increased its stake in shares of Tencent Music Entertainment Group by 1,326.5% in the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after buying an additional 1,751 shares during the last quarter. Finally, Banque Transatlantique SA acquired a new stake in Tencent Music Entertainment Group in the first quarter valued at $46,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.