Analysts Set Tencent Music Entertainment Group – (NYSE:TME) PT at $16.00
Tencent Music Entertainment Group – (NYSE:TME) has been assigned a consensus rating of “Buy” from the nineteen brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $16.00.
Several research firms have recently weighed in on TME. Bank of America dropped their target price on shares of Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. China Renaissance Securities raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Tuesday, October 8th. New Street Research began coverage on Tencent Music Entertainment Group in a research note on Friday, October 18th. They issued a “buy” rating and a $16.00 price objective on the stock. KeyCorp reduced their target price on Tencent Music Entertainment Group from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Finally, UBS Group raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, October 8th.
TME stock traded down $0.19 during mid-day trading on Thursday, hitting $12.35. 123,920 shares of the company were exchanged, compared to its average volume of 7,280,826. The firm has a fifty day simple moving average of $13.30 and a 200 day simple moving average of $13.81. The company has a market capitalization of $20.30 billion and a PE ratio of 61.78. Tencent Music Entertainment Group has a twelve month low of $11.81 and a twelve month high of $19.97.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in Tencent Music Entertainment Group by 4,995.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 58,749,764 shares of the company’s stock valued at $880,659,000 after acquiring an additional 57,596,675 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at approximately $120,270,000. Matthews International Capital Management LLC boosted its position in shares of Tencent Music Entertainment Group by 188.4% during the third quarter. Matthews International Capital Management LLC now owns 5,256,200 shares of the company’s stock worth $67,122,000 after acquiring an additional 3,433,435 shares during the last quarter. ICONIQ Capital LLC grew its stake in Tencent Music Entertainment Group by 257.7% during the second quarter. ICONIQ Capital LLC now owns 4,292,783 shares of the company’s stock valued at $194,291,000 after acquiring an additional 3,092,783 shares in the last quarter. Finally, Morgan Stanley grew its stake in Tencent Music Entertainment Group by 147.6% during the second quarter. Morgan Stanley now owns 5,092,556 shares of the company’s stock valued at $76,338,000 after acquiring an additional 3,035,825 shares in the last quarter. Hedge funds and other institutional investors own 12.83% of the company’s stock.
About Tencent Music Entertainment Group
Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.
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