Analysts Set Tencent Music Entertainment Group (NYSE:TME) PT at $15.00

Tencent Music Entertainment Group (NYSE:TME) has earned a consensus recommendation of “Moderate Buy” from the ten analysts that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $15.00.

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Nomura Securities raised Tencent Music Entertainment Group to a “strong-buy” rating in a research report on Tuesday, April 8th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Mizuho boosted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th.

Tencent Music Entertainment Group Stock Down 0.4 %

Shares of NYSE TME opened at $12.29 on Thursday. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a 50 day moving average price of $13.21 and a 200 day moving average price of $12.21. The firm has a market capitalization of $21.08 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 0.77 and a beta of 0.50.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s payout ratio is 28.81%.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its holdings in Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock worth $133,629,000 after buying an additional 9,984,690 shares in the last quarter. Artisan Partners Limited Partnership acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $113,031,000. Norges Bank purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $99,539,000. Mawer Investment Management Ltd. grew its holdings in shares of Tencent Music Entertainment Group by 152.2% in the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock worth $130,155,000 after acquiring an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group grew its holdings in shares of Tencent Music Entertainment Group by 6.7% in the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after acquiring an additional 3,987,116 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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.