Tencent Music Entertainment Group (NYSE:TME) Rating Lowered to “Hold” at Wall Street Zen

Tencent Music Entertainment Group (NYSE:TME) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts also recently issued research reports about the stock. Benchmark upped their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 price objective on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Barclays reiterated an “overweight” rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Finally, Bank of America assumed coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.54.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $21.20 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $36.38 billion, a P/E ratio of 23.29, a PEG ratio of 1.29 and a beta of 0.51. The business has a 50-day moving average of $23.60 and a 200-day moving average of $20.92. Tencent Music Entertainment Group has a 1 year low of $10.11 and a 1 year high of $26.70.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Corient Private Wealth LLC lifted its holdings in shares of Tencent Music Entertainment Group by 1.6% in the second quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock worth $628,000 after acquiring an additional 498 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Tencent Music Entertainment Group by 5.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock valued at $264,000 after purchasing an additional 651 shares during the last quarter. PDS Planning Inc increased its position in Tencent Music Entertainment Group by 5.6% during the 2nd quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock worth $245,000 after purchasing an additional 665 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Tencent Music Entertainment Group by 0.8% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock valued at $1,975,000 after purchasing an additional 842 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Tencent Music Entertainment Group by 11.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after purchasing an additional 1,269 shares during the last quarter. 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.