Tencent Music Entertainment Group (NYSE:TME) Upgraded at Morgan Stanley

Tencent Music Entertainment Group (NYSE:TME) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Tuesday,Benzinga reports. The firm currently has a $13.00 price target on the stock. Morgan Stanley’s price objective indicates a potential upside of 20.52% from the stock’s previous close.

Several other equities analysts have also commented on TME. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Trading Up 3.7 %

NYSE:TME opened at $10.79 on Tuesday. The firm has a market capitalization of $18.50 billion, a P/E ratio of 19.98, a P/E/G ratio of 0.65 and a beta of 0.69. The business has a 50 day simple moving average of $11.44 and a 200 day simple moving average of $11.86. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 12-month low of $8.19 and a 12-month high of $15.77.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently added to or reduced their stakes in the company. Cantillon Capital Management LLC raised its stake in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after buying an additional 5,265,783 shares in the last quarter. State Street Corp boosted its stake in Tencent Music Entertainment Group by 1.3% during the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after buying an additional 166,225 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 37.0% during the second quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after acquiring an additional 1,925,124 shares during the period. The Manufacturers Life Insurance Company raised its position in Tencent Music Entertainment Group by 58.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock worth $86,835,000 after acquiring an additional 2,284,347 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Tencent Music Entertainment Group by 14.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock valued at $71,984,000 after acquiring an additional 753,383 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.