Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have received an average recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $25.7875.

A number of brokerages recently commented on TME. Bank of America assumed coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price objective for the company. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Morgan Stanley cut their price target on shares of Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, December 22nd. Wall Street Zen lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 22nd.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds have recently added to or reduced their stakes in TME. American Century Companies Inc. increased its holdings in shares of Tencent Music Entertainment Group by 6.4% in the first quarter. American Century Companies Inc. now owns 797,572 shares of the company’s stock worth $11,493,000 after acquiring an additional 48,125 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Tencent Music Entertainment Group by 419.7% in the 1st quarter. Wellington Management Group LLP now owns 1,948,415 shares of the company’s stock valued at $28,077,000 after purchasing an additional 1,573,531 shares during the period. Ameriprise Financial Inc. increased its stake in Tencent Music Entertainment Group by 14.5% during the 1st quarter. Ameriprise Financial Inc. now owns 3,352,533 shares of the company’s stock worth $48,310,000 after purchasing an additional 425,593 shares in the last quarter. Compound Planning Inc. raised its holdings in Tencent Music Entertainment Group by 12.3% during the 1st quarter. Compound Planning Inc. now owns 28,500 shares of the company’s stock worth $411,000 after buying an additional 3,127 shares during the period. Finally, APG Asset Management N.V. lifted its stake in Tencent Music Entertainment Group by 10.8% in the first quarter. APG Asset Management N.V. now owns 131,071 shares of the company’s stock valued at $1,749,000 after buying an additional 12,800 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Up 0.1%

Shares of NYSE TME opened at $17.65 on Tuesday. Tencent Music Entertainment Group has a fifty-two week low of $10.26 and a fifty-two week high of $26.70. The firm has a market capitalization of $30.28 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.25 and a beta of 0.47. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 2.08. The company’s 50 day simple moving average is $19.67 and its 200 day simple moving average is $21.47.

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.