Tencent Music Entertainment Group (NYSE:TME) Stock Price Up 3.7%

Tencent Music Entertainment Group (NYSE:TME) was up 3.7% during trading on Tuesday . The company traded as high as $11.60 and last traded at $11.56. 1,288,237 shares traded hands during trading, a decline of 86% from the average session volume of 9,248,435 shares. The stock had previously closed at $11.15.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TME. Mizuho raised their target price on shares of Tencent Music Entertainment Group from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. The Goldman Sachs Group upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Wednesday, March 20th. Bank of America lifted their target price on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a report on Wednesday, March 20th. Redburn Atlantic assumed coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Morgan Stanley boosted their target price on Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Tencent Music Entertainment Group Stock Down 0.1 %

The firm has a market cap of $18.98 billion, a P/E ratio of 25.14, a PEG ratio of 0.78 and a beta of 0.80. The firm’s 50-day moving average price is $9.93 and its 200 day moving average price is $8.47. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.49 and a quick ratio of 2.49.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently bought and sold shares of TME. Norges Bank acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $105,328,000. Aspex Management HK Ltd bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $81,542,000. Hsbc Holdings PLC lifted its position in Tencent Music Entertainment Group by 234.7% in the fourth quarter. Hsbc Holdings PLC now owns 10,116,989 shares of the company’s stock worth $91,012,000 after purchasing an additional 7,094,511 shares during the period. Goldman Sachs Group Inc. boosted its stake in Tencent Music Entertainment Group by 78.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 13,871,935 shares of the company’s stock valued at $124,986,000 after purchasing an additional 6,088,504 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Tencent Music Entertainment Group by 436.7% during the 1st quarter. Federated Hermes Inc. now owns 6,735,840 shares of the company’s stock valued at $32,804,000 after purchasing an additional 5,480,718 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.