Tencent Music Entertainment Group (NYSE:TME) Upgraded at ValuEngine

ValuEngine upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a hold rating to a buy rating in a research report released on Saturday, ValuEngine reports.

Several other equities analysts have also issued reports on the company. New Street Research began coverage on Tencent Music Entertainment Group in a research report on Friday, October 18th. They issued a buy rating and a $16.00 price objective for the company. Zacks Investment Research lowered Tencent Music Entertainment Group from a hold rating to a sell rating in a research report on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. The stock has an average rating of Buy and an average target price of $16.98.

Shares of TME opened at $12.69 on Friday. The stock has a 50 day simple moving average of $13.17 and a 200 day simple moving average of $13.16. Tencent Music Entertainment Group has a 52-week low of $11.27 and a 52-week high of $19.97. The firm has a market capitalization of $21.47 billion, a PE ratio of 70.50, a P/E/G ratio of 0.92 and a beta of 2.15.

Large investors have recently added to or reduced their stakes in the business. State Street Corp boosted its position in Tencent Music Entertainment Group by 8.8% during the 3rd quarter. State Street Corp now owns 1,677,758 shares of the company’s stock worth $21,425,000 after acquiring an additional 135,458 shares during the last quarter. Coronation Fund Managers Ltd. acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $57,276,000. Stifel Financial Corp boosted its position in Tencent Music Entertainment Group by 10.3% during the 3rd quarter. Stifel Financial Corp now owns 14,108 shares of the company’s stock worth $181,000 after acquiring an additional 1,319 shares during the last quarter. Stevens Capital Management LP acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $1,311,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd boosted its position in Tencent Music Entertainment Group by 2,568.2% during the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,446,700 shares of the company’s stock worth $24,693,000 after acquiring an additional 2,355,000 shares during the last quarter. 13.31% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Company Profile

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.

Recommended Story: How can investors find ex-dividend dates?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit