Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Average Rating of “Moderate Buy” by Analysts

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been given a consensus recommendation of “Moderate Buy” by the fifteen brokerages that are currently covering the company, MarketBeat reports. Eight research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $22.0250.

TME has been the subject of a number of recent analyst reports. Barclays dropped their price target on Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. Weiss Ratings restated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. Mizuho lowered their target price on Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, March 18th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Tencent Music Entertainment Group in a report on Thursday, March 19th. Finally, Daiwa Securities Group reiterated a “hold” rating and set a $12.00 price target on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $9.20 on Thursday. The stock has a market capitalization of $14.24 billion, a P/E ratio of 9.29, a price-to-earnings-growth ratio of 0.61 and a beta of 0.80. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a 1 year low of $9.10 and a 1 year high of $26.70. The firm has a 50 day moving average of $14.06 and a 200-day moving average of $18.10.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which will be paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd will be paid a $0.24 dividend. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.18. This represents a dividend yield of 261.0%. The ex-dividend date of this dividend is Thursday, April 2nd. Tencent Music Entertainment Group’s payout ratio is presently 17.17%.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC bought a new position in Tencent Music Entertainment Group in the 3rd quarter worth approximately $31,000. Allworth Financial LP lifted its holdings in Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Tencent Music Entertainment Group by 5,777.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after buying an additional 2,022 shares during the last quarter. Global Retirement Partners LLC boosted its position in Tencent Music Entertainment Group by 1,326.5% in the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after buying an additional 1,751 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $46,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.