Tencent Music Entertainment Group (NYSE:TME) Receives $15.00 Average Target Price from Brokerages

Shares of Tencent Music Entertainment Group (NYSE:TME) have been given an average rating of “Moderate Buy” by the nine analysts that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $15.00.

Several research analysts recently weighed in on TME shares. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday. Mizuho boosted their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Finally, Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $14.36 on Friday. The company has a market cap of $24.63 billion, a P/E ratio of 26.58, a P/E/G ratio of 0.77 and a beta of 0.70. The firm’s 50 day moving average is $12.82 and its two-hundred day moving average is $11.97. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

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

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group during the third quarter worth about $64,000. Avior Wealth Management LLC increased its holdings in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after purchasing an additional 4,071 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $110,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $114,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after buying an additional 1,094 shares during the last quarter. 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.