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 target price cut by Bank of America from $19.20 to $18.00 in a research note released on Tuesday, BenzingaRatingsTable reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. CICC Research started coverage on Tencent Music Entertainment Group in a research report on Thursday, June 13th. They issued a buy rating on the stock. Zacks Investment Research cut Tencent Music Entertainment Group from a buy rating to a hold rating in a research report on Wednesday, May 22nd. Loop Capital assumed coverage on Tencent Music Entertainment Group in a research report on Tuesday, June 4th. They set a buy rating and a $12.89 target price on the stock. China International Capital assumed coverage on Tencent Music Entertainment Group in a research report on Monday, May 13th. They set a hold rating on the stock. Finally, China Renaissance Securities assumed coverage on Tencent Music Entertainment Group in a research report on Monday, May 13th. They set a hold rating on the stock. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $16.39.

Shares of TME stock opened at $13.98 on Tuesday. The stock has a market capitalization of $22.86 billion and a PE ratio of 69.90. Tencent Music Entertainment Group has a 52-week low of $11.81 and a 52-week high of $19.97. The stock’s 50-day moving average price is $14.75 and its 200 day moving average price is $15.88.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $9,060,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $6,554,000. Millennium Management LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $3,151,000. KEYWISE CAPITAL MANAGEMENT Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $865,000. Finally, Gulf International Bank UK Ltd purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $253,000. Institutional investors own 5.80% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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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