Tencent Music Entertainment Group (TME) Hits New 52-Week High at $16.29

Shares of Tencent Music Entertainment Group – (NYSE:TME) hit a new 52-week high during trading on Wednesday . The stock traded as high as $16.29 and last traded at $15.85, with a volume of 3018059 shares. The stock had previously closed at $16.01.

A number of equities research analysts have commented on the stock. Goldman Sachs Group assumed coverage on shares of Tencent Music Entertainment Group in a research report on Sunday, January 6th. They issued a “buy” rating for the company. HSBC assumed coverage on shares of Tencent Music Entertainment Group in a research report on Thursday, January 17th. They issued a “buy” rating and a $16.00 target price for the company. Morgan Stanley assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, January 7th. They issued an “equal weight” rating for the company. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a research report on Monday, January 7th. They issued a “buy” rating and a $17.10 target price for the company. Finally, Macquarie assumed coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday. They set an “outperform” rating and a $15.03 price objective for the company. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $15.54.

A number of large investors have recently bought and sold shares of the stock. Commonwealth Bank of Australia purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $43,000. City Financial Investment Co Ltd purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $132,000. Columbia Asset Management purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $173,000. Eaton Vance Management purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $178,000. Finally, Raymond James & Associates acquired a new stake in Tencent Music Entertainment Group during the fourth quarter valued at $192,000. 0.04% of the stock is owned by institutional investors.

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About Tencent Music Entertainment Group (NYSE:TME)

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.

See Also: Coverage Ratio

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