Brokerages Set Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Price Target at $24.54

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $24.5375.

TME has been the topic of several analyst reports. Barclays restated an “overweight” rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Benchmark boosted their price target on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. Citigroup reiterated a “buy” rating and issued a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, October 8th.

Tencent Music Entertainment Group Price Performance

TME stock opened at $22.48 on Monday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a 52-week low of $10.11 and a 52-week high of $26.70. The stock’s 50 day moving average is $23.72 and its two-hundred day moving average is $20.73. The company has a market capitalization of $38.58 billion, a PE ratio of 24.70, a P/E/G ratio of 1.36 and a beta of 0.51.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC grew its stake in Tencent Music Entertainment Group by 1.6% during the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after buying an additional 498 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in 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 during the last quarter. PDS Planning Inc grew its stake in 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 during the last quarter. DekaBank Deutsche Girozentrale grew its stake in 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 during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in 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 during 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.