Tencent Music Entertainment Group (NYSE:TME) Stock Price Expected to Rise, Barclays Analyst Says

Tencent Music Entertainment Group (NYSE:TME) had its target price raised by analysts at Barclays from $27.00 to $28.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 47.79% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on TME. Sanford C. Bernstein set a $27.50 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Bank of America started coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Benchmark increased their price objective on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Finally, Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average target price of $24.66.

Tencent Music Entertainment Group Stock Down 8.7%

Shares of NYSE:TME traded down $1.80 during trading on Wednesday, hitting $18.95. 18,626,523 shares of the company were exchanged, compared to its average volume of 6,898,695. The firm’s 50 day moving average price is $23.47 and its 200-day moving average price is $21.03. Tencent Music Entertainment Group has a 12-month low of $10.11 and a 12-month high of $26.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The stock has a market capitalization of $32.51 billion, a P/E ratio of 20.98, a PEG ratio of 1.30 and a beta of 0.51.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC purchased a new position in Tencent Music Entertainment Group in the third quarter worth $31,000. SVB Wealth LLC purchased a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at about $34,000. Global Retirement Partners LLC lifted its stake in shares of Tencent Music Entertainment Group by 1,326.5% in the third 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 period. Banque Transatlantique SA purchased a new stake in Tencent Music Entertainment Group during the first quarter worth about $46,000. Finally, Jones Financial Companies Lllp grew its position in Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after buying an additional 1,397 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; 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.