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

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have received an average rating of “Moderate Buy” from the fifteen analysts that are currently covering the stock, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $22.0250.

A number of equities analysts have recently commented on the stock. Barclays reduced their price objective on shares of 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. Jefferies Financial Group reissued a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Morgan Stanley restated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. UBS Group reaffirmed a “neutral” rating and set a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Finally, Daiwa Securities Group reiterated a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th.

Tencent Music Entertainment Group Stock Down 0.9%

TME opened at $9.20 on Thursday. The company has a market capitalization of $14.24 billion, a P/E ratio of 9.29, a P/E/G ratio of 0.61 and a beta of 0.80. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22. The firm’s fifty day moving average price is $14.06 and its two-hundred day moving average price is $18.10. Tencent Music Entertainment Group has a fifty-two week low of $9.10 and a fifty-two week high of $26.70.

Tencent Music Entertainment Group Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TME. Smartleaf Asset Management LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at $31,000. Allworth Financial LP increased its position in shares of 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 purchasing an additional 573 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in Tencent Music Entertainment Group by 1,326.5% during the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after purchasing an additional 1,751 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock valued at $36,000 after purchasing an additional 2,022 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its position in Tencent Music Entertainment Group by 137.4% in the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock valued at $57,000 after buying an additional 1,397 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Company Profile

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.