Benchmark Lowers Tencent Music Entertainment Group (NYSE:TME) Price Target to $25.00

Tencent Music Entertainment Group (NYSE:TME) had its price objective decreased by analysts at Benchmark from $28.00 to $25.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 32.30% from the company’s previous close.

Several other equities research analysts have also issued reports on TME. Citigroup reissued a “buy” rating and set a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Bank of America assumed coverage on Tencent Music Entertainment Group in a report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price target for the company. Zacks Research lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Sanford C. Bernstein set a $27.50 target price on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research note on Wednesday, August 13th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.29.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $18.90 on Thursday. The company has a market capitalization of $32.43 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 1.13 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The company’s fifty day moving average price is $23.12 and its 200 day moving average price is $21.03. Tencent Music Entertainment Group has a 1 year low of $10.26 and a 1 year high of $26.70.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 2,928.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,519,458 shares of the company’s stock valued at $29,601,000 after purchasing an additional 1,469,278 shares during the last quarter. Aviva PLC raised its holdings in Tencent Music Entertainment Group by 2.4% in the 2nd quarter. Aviva PLC now owns 542,606 shares of the company’s stock valued at $10,575,000 after buying an additional 12,489 shares during the period. Envestnet Asset Management Inc. lifted its position in 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 valued at $5,583,000 after buying an additional 37,108 shares during the last quarter. Strs Ohio purchased a new position in Tencent Music Entertainment Group during the first quarter worth about $1,228,000. Finally, AGF Management Ltd. acquired a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at about $9,184,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

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.