Tencent Music Entertainment Group (NYSE:TME) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Tencent Music Entertainment Group (NYSE:TME) from a buy rating to a hold rating in a report issued on Monday morning.

A number of other equities research analysts also recently issued reports on the stock. Macquarie set a $26.20 price objective on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Tuesday, June 17th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $23.29.

Tencent Music Entertainment Group Trading Up 1.0%

Shares of TME stock opened at $25.64 on Monday. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $26.54. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83. The company has a 50-day simple moving average of $20.30 and a two-hundred day simple moving average of $16.05. The company has a market capitalization of $44.00 billion, a price-to-earnings ratio of 28.18 and a beta of 0.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ethic Inc. purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at about $192,000. Geode Capital Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 4,463,596 shares of the company’s stock valued at $50,323,000 after buying an additional 160,078 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Tencent Music Entertainment Group by 10.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 387,430 shares of the company’s stock valued at $5,583,000 after buying an additional 37,108 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of Tencent Music Entertainment Group by 2,271.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,924,231 shares of the company’s stock valued at $21,840,000 after buying an additional 1,843,075 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Tencent Music Entertainment Group by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,253,409 shares of the company’s stock valued at $36,925,000 after buying an additional 352,082 shares in the last quarter. 24.32% of the stock is currently owned by hedge funds and other 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.