Tencent Music Entertainment Group (NYSE:TME) Upgraded to Buy at Citigroup

Tencent Music Entertainment Group (NYSE:TMEGet Free Report) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a report released on Wednesday, Briefing.com reports. The brokerage currently has a $13.00 target price on the stock, up from their previous target price of $9.00. Citigroup’s price target suggests a potential upside of 18.07% from the company’s current price.

Other research analysts have also issued reports about the stock. CLSA initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, February 5th. They issued an “outperform” rating and a $10.50 price objective for the company. UBS Group upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 price target for the company in a research report on Wednesday, January 24th. Redburn Atlantic started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, February 5th. They set a “buy” rating and a $12.00 price target for the company. Finally, Mizuho boosted their price target on shares of Tencent Music Entertainment Group from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.02.

Get Our Latest Research Report on Tencent Music Entertainment Group

Tencent Music Entertainment Group Stock Up 6.1 %

Tencent Music Entertainment Group stock opened at $11.01 on Wednesday. Tencent Music Entertainment Group has a 1-year low of $5.70 and a 1-year high of $11.32. The firm has a market capitalization of $18.89 billion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 0.85 and a beta of 0.80. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.10. The firm has a 50 day simple moving average of $9.73 and a 200 day simple moving average of $8.32.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TME. Vontobel Holding Ltd. lifted its stake in Tencent Music Entertainment Group by 349.4% in the third quarter. Vontobel Holding Ltd. now owns 48,425 shares of the company’s stock worth $309,000 after purchasing an additional 37,649 shares during the last quarter. Deutsche Bank AG lifted its stake in Tencent Music Entertainment Group by 262.6% in the third quarter. Deutsche Bank AG now owns 2,344,133 shares of the company’s stock worth $14,956,000 after purchasing an additional 1,697,604 shares during the last quarter. Invesco Ltd. lifted its stake in Tencent Music Entertainment Group by 17.6% in the third quarter. Invesco Ltd. now owns 11,648,403 shares of the company’s stock worth $74,317,000 after purchasing an additional 1,747,251 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Tencent Music Entertainment Group by 432.9% in the third quarter. Qube Research & Technologies Ltd now owns 330,157 shares of the company’s stock worth $2,106,000 after purchasing an additional 268,202 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Tencent Music Entertainment Group by 994.4% in the third quarter. Principal Financial Group Inc. now owns 1,481,121 shares of the company’s stock worth $9,450,000 after purchasing an additional 1,345,789 shares during the last quarter. 23.59% of the stock is currently owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

(Get Free Report)

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.

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Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

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