Barclays Issues Positive Forecast for Tencent Music Entertainment Group (NYSE:TME) Stock Price

Tencent Music Entertainment Group (NYSE:TME) had its price objective upped by Barclays from $27.00 to $28.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 47.79% from the company’s current price.

Several other analysts also recently issued reports on TME. Wall Street Zen downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Wednesday, August 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. Finally, Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.66.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock traded down $1.80 on Wednesday, hitting $18.95. The company’s stock had a trading volume of 18,626,523 shares, compared to its average volume of 6,898,695. The company has a market capitalization of $32.51 billion, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 1.30 and a beta of 0.51. Tencent Music Entertainment Group has a 52-week low of $10.11 and a 52-week high of $26.70. The firm has a fifty day moving average price of $23.47 and a 200-day moving average price of $21.03. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its position in 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 buying an additional 1,469,278 shares during the last quarter. Envestnet Asset Management Inc. lifted 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 acquiring an additional 37,108 shares in the last quarter. Strs Ohio purchased a new position in Tencent Music Entertainment Group in the first quarter valued at about $1,228,000. AGF Management Ltd. purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter worth approximately $9,184,000. Finally, Aviva PLC raised its position in shares of 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 purchasing an additional 12,489 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

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.