Tencent Music Entertainment Group Analysts Recommend 'Moderate Buy'

Tencent Music Entertainment Group (NYSE:TME) has received a consensus recommendation of "Moderate Buy" from a total of thirteen brokerages that are currently monitoring the company, as reported by Marketbeat Ratings. Of these analysts, three have suggested holding the stock, while ten have recommended a buy. The predicted average target price for the stock over the next twelve months stands at $13.54.

Recent activity from various analysts reveals growing support for Tencent Music Entertainment Group. On November 6th, Barclays initiated coverage, assigning an "overweight" rating, along with a price target of $16.00. Similarly, Sanford C. Bernstein began its coverage on November 4th, recommending an "outperform" rating with a target price set at $14.00. Morgan Stanley also joined the conversation by upgrading the stock from an "equal weight" position to an "overweight" rating on January 21st, setting its target price at $13.00.

Recent Performance of Tencent Music Entertainment Group

The stock was trading at $11.98 on the Friday under review. Over the past fifty days, its moving average is $11.51, compared to a 200-day moving average of $11.72. The company has seen a 52-week low of $8.89 and a high of $15.77. Further analyzing its financial health, Tencent Music boasts a debt-to-equity ratio of 0.09, a quick ratio of 2.34, and a current ratio also of 2.34. It has a market capitalization of $20.55 billion, with a price-to-earnings (PE) ratio of 22.18 and a price-to-earnings-growth (PEG) ratio of 0.70, while its beta is at 0.69.

Institutional Investor Activity

There have been several recent movements among institutional investors regarding Tencent Music. Wilmington Savings Fund Society FSB acquired a new stake worth approximately $64,000 in the third quarter. Avior Wealth Management LLC significantly increased its holdings in the company by 253.8% during the same period, now owning 5,675 shares valued at around $68,000. Other notable purchases include Caprock Group LLC, which invested roughly $147,000, and DRW Securities LLC, which acquired shares for about $169,000. Currently, institutional investors hold around 24.32% of the company’s stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group specializes in offering online music entertainment solutions in the People's Republic of China. Its platforms include QQ Music, Kugou Music, and Kuwo Music, which allow users to explore music in a personalized manner. The company also provides long-form audio content like audiobooks, podcasts, and talk shows, along with music videos, live performances, and short videos. Additionally, the WeSing application enables users to enjoy karaoke and share their performances.

Tencent, Stock, Investment, Analysis, Music