Tencent Music Entertainment Group (NYSE:TME) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of Tencent Music Entertainment Group (NYSE:TME) from a buy rating to a hold rating in a research note released on Saturday.

Several other equities research analysts have also recently issued reports on TME. Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective for the company. Citigroup reissued a “buy” rating and set a $29.00 price target (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Barclays reiterated an “overweight” rating and set a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.54.

Tencent Music Entertainment Group Trading Down 5.0%

TME stock traded down $1.11 during mid-day trading on Friday, reaching $21.20. 7,834,666 shares of the stock traded hands, compared to its average volume of 4,177,617. The business has a 50-day moving average price of $23.60 and a two-hundred day moving average price of $20.86. The stock has a market capitalization of $36.38 billion, a PE ratio of 23.29, a PEG ratio of 1.29 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. Tencent Music Entertainment Group has a one year low of $10.11 and a one year high of $26.70.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter worth approximately $31,000. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter worth approximately $34,000. Global Retirement Partners LLC raised its stake in Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after purchasing an additional 1,751 shares during the last quarter. Banque Transatlantique SA purchased a new position in Tencent Music Entertainment Group in the 1st quarter valued at $46,000. Finally, Jones Financial Companies Lllp boosted its stake in Tencent Music Entertainment Group by 137.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after purchasing an additional 1,397 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

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; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.