Tencent Music Entertainment Group (NYSE:TME) Trading 7.7% Higher – Time to Buy?

Shares of Tencent Music Entertainment Group (NYSE:TME) traded up 7.7% during trading on Friday . The stock traded as high as $13.83 and last traded at $13.81. 2,684,812 shares changed hands during trading, a decline of 61% from the average session volume of 6,933,042 shares. The stock had previously closed at $12.83.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. 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 objective for the company. Barclays started 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 target price on the stock. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Up 12.6 %

The company has a market cap of $24.79 billion, a PE ratio of 26.75, a P/E/G ratio of 0.77 and a beta of 0.70. The company’s 50 day moving average is $11.76 and its 200 day moving average is $11.54. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth about $286,000. GF Fund Management CO. LTD. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth about $11,411,000. Burgundy Asset Management Ltd. grew its holdings in Tencent Music Entertainment Group by 30.3% during the 4th quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company’s stock worth $476,000 after acquiring an additional 9,755 shares in the last quarter. Vise Technologies Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth about $169,000. Finally, Vident Advisory LLC grew its holdings in Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company’s stock worth $214,000 after acquiring an additional 3,538 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.