Tencent Music Entertainment Group (NYSE:TME) Price Target Cut to $18.00 by Analysts at Bank of America

Tencent Music Entertainment Group (NYSE:TME) had its price objective reduced by Bank of America from $19.20 to $18.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group began coverage on Tencent Music Entertainment Group in a research note on Monday, August 5th. They issued a buy rating and a $16.90 price objective for the company. Zacks Investment Research cut Tencent Music Entertainment Group from a buy rating to a hold rating in a research note on Wednesday, May 22nd. Oppenheimer began coverage on Tencent Music Entertainment Group in a research note on Monday, July 29th. They issued an outperform rating and a $18.00 price objective for the company. CICC Research began coverage on Tencent Music Entertainment Group in a research note on Thursday, June 13th. They issued a buy rating for the company. Finally, China International Capital began coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They issued a hold rating for the company. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Tencent Music Entertainment Group currently has an average rating of Buy and a consensus price target of $16.39.

Shares of NYSE TME opened at $13.98 on Tuesday. Tencent Music Entertainment Group has a twelve month low of $11.81 and a twelve month high of $19.97. The stock has a fifty day simple moving average of $14.75 and a 200-day simple moving average of $15.88. The stock has a market capitalization of $22.86 billion and a PE ratio of 69.90.

A number of large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Tencent Music Entertainment Group by 4,995.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 58,749,764 shares of the company’s stock valued at $880,659,000 after purchasing an additional 57,596,675 shares during the period. Baillie Gifford & Co. boosted its holdings in Tencent Music Entertainment Group by 15.2% in the second quarter. Baillie Gifford & Co. now owns 10,946,629 shares of the company’s stock valued at $164,090,000 after purchasing an additional 1,440,595 shares during the period. Canada Pension Plan Investment Board purchased a new position in Tencent Music Entertainment Group in the second quarter valued at $120,270,000. William Blair Investment Management LLC boosted its holdings in Tencent Music Entertainment Group by 16.9% in the second quarter. William Blair Investment Management LLC now owns 6,464,965 shares of the company’s stock valued at $96,899,000 after purchasing an additional 936,341 shares during the period. Finally, Krane Funds Advisors LLC boosted its holdings in Tencent Music Entertainment Group by 17.3% in the first quarter. Krane Funds Advisors LLC now owns 5,360,206 shares of the company’s stock valued at $97,020,000 after purchasing an additional 789,610 shares during the period. Hedge funds and other institutional investors own 5.80% of the company’s stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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

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