Tencent Music Entertainment Group (NYSE:TME) Price Target Cut to $25.00 by Analysts at Benchmark

Tencent Music Entertainment Group (NYSE:TME) had its price objective decreased by Benchmark from $28.00 to $25.00 in a research note released on Thursday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

TME has been the topic of a number of other reports. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective on the stock. Barclays raised their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, October 8th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One equities research 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Stock Up 1.2%

Tencent Music Entertainment Group stock traded up $0.22 during mid-day trading on Thursday, reaching $18.90. The stock had a trading volume of 10,475,734 shares, compared to its average volume of 5,986,474. The firm has a market capitalization of $32.43 billion, a PE ratio of 23.65, a price-to-earnings-growth ratio of 1.13 and a beta of 0.51. Tencent Music Entertainment Group has a fifty-two week low of $10.26 and a fifty-two week high of $26.70. The stock’s 50-day simple moving average is $23.23 and its 200-day simple moving average is $21.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC increased its position in shares of Tencent Music Entertainment Group by 2,928.0% in the second quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after acquiring an additional 1,469,278 shares during the period. Aviva PLC boosted its holdings in shares of Tencent Music Entertainment Group by 2.4% during the second quarter. Aviva PLC now owns 542,606 shares of the company’s stock worth $10,575,000 after purchasing an additional 12,489 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Tencent Music Entertainment Group by 10.6% in the first quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company’s stock worth $5,583,000 after purchasing an additional 37,108 shares during the last quarter. Strs Ohio purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $1,228,000. Finally, AGF Management Ltd. purchased a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $9,184,000. 24.32% of the stock is currently owned by institutional investors.

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.