Brokerages Set Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Price Target at $25.79

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have earned an average rating of “Moderate Buy” from the thirteen analysts that are presently covering the stock, MarketBeat Ratings 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 1-year price target among brokers that have issued ratings on the stock in the last year is $25.7875.

TME has been the topic of several research analyst reports. 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 target on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Morgan Stanley decreased their target price on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Barclays boosted their price objective on 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.

Institutional Trading of Tencent Music Entertainment Group

Large investors have recently bought and sold shares of the business. Corient Private Wealth LLC boosted its holdings in Tencent Music Entertainment Group by 1.6% in the 2nd quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock valued at $628,000 after purchasing an additional 498 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Tencent Music Entertainment Group by 63.2% in the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after buying an additional 573 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in shares of Tencent Music Entertainment Group by 0.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock valued at $2,325,000 after buying an additional 610 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Tencent Music Entertainment Group by 5.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock worth $264,000 after acquiring an additional 651 shares during the period. Finally, Vise Technologies Inc. raised its position in Tencent Music Entertainment Group by 5.0% in the fourth quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock worth $257,000 after acquiring an additional 692 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $15.84 on Wednesday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a 52 week low of $11.71 and a 52 week high of $26.70. The firm’s 50 day moving average is $17.19 and its two-hundred day moving average is $20.74.

About Tencent Music Entertainment Group

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.