Tencent Music Entertainment Group (NYSE:TME) Hits New 12-Month High – Still a Buy?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $20.37 and last traded at $20.03, with a volume of 6972761 shares. The stock had previously closed at $19.46.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Mizuho raised their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Sanford C. Bernstein reissued an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Tuesday, June 17th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.60.

Tencent Music Entertainment Group Price Performance

The company has a fifty day moving average of $17.52 and a 200-day moving average of $14.23. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.05. The stock has a market cap of $34.89 billion, a PE ratio of 24.20 and a beta of 0.55.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently bought and sold shares of TME. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group in the first quarter valued at approximately $34,000. Banque Transatlantique SA purchased a new position in Tencent Music Entertainment Group in the 1st quarter valued at approximately $46,000. Brooklyn Investment Group grew its stake in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after acquiring an additional 4,307 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares during the period. Finally, Unigestion Holding SA purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $161,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

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.