Tencent Music Entertainment Group (NYSE:TME – Rating Received) was upgraded from a “neutral” rating to an “overweight” rating by investment analysts at JPMorgan Chase & Co. in a report published Monday, reports The Fly.
Several other research analysts also covered the company. Goldman Sachs Group lowered its target price on Tencent Music Entertainment Group from $5.40 to $4.40 in a research report on Sunday, November 6. Benchmark upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating, setting a price target of $7.00 for the stock in a report on Wednesday, November 16th. One analyst has rated the stock with a sell rating, one with a hold rating and two with a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $5.53.
Shares in Tencent Music Entertainment Group down 6.4%
NYSE:TME opened at $5.58 on Monday. The company has a market cap of $9.46 billion, a price-to-earnings ratio of 19.93, a price-to-earnings-to-growth ratio of 0.96 and a beta of 0.63. Tencent Music Entertainment Group has a 12-month low of $2.95 and a 12-month high of $7.83. The stock’s 50-day moving average price is $4.23 and its 200-day moving average price is $4.39. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt to equity ratio of 0.12.
Institutional inflows and outflows
Institutional investors have recently changed their positions in the company. The Canada Pension Plan Investment Board increased its stake in Tencent Music Entertainment Group by 1.7% in the first quarter. The Canada Pension Plan Investment Board now owns 36,083,557 shares of the company, valued at $175,727,000, having purchased an additional 617,300 shares during the period. BlackRock Inc. increased its stake in Tencent Music Entertainment Group by 5.1% in the third quarter. BlackRock Inc. now owns 34,614,084 shares of the Company’s shares valued at $140,534,000 after purchasing an additional 1,668,411 shares during the period. Baillie Gifford & Co. increased its stake in Tencent Music Entertainment Group by 1.0% in the third quarter. Baillie Gifford & Co. now owns 31,409,903 shares of the company’s stock valued at $127,524,000 after purchasing an additional 316,685 shares during the period. Vanguard Group Inc. increased its stake in Tencent Music Entertainment Group by 1.4% in the third quarter. Vanguard Group Inc. now owns 23,870,539 shares of the Company’s shares valued at $96,914,000 after purchasing an additional 327,765 shares during the period. Finally, Krane Funds Advisors LLC increased its stake in Tencent Music Entertainment Group by 24.1% in the first quarter. Krane Funds Advisors LLC now owns 18,037,068 shares of the Company’s shares valued at $87,841,000 after purchasing an additional 3,502,185 shares during the period. 22.62% of the shares are owned by institutional investors and hedge funds.
Company Profile of 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, which enable users to discover and listen to music in a personalized way; and WeSing, which allows users to have fun singing and interacting with friends, sharing their singing performances with friends, and discovering songs others have sung.
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