Tencent Music Entertainment Group (NYSE:TME) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Tencent Music Entertainment Group (NYSE:TME) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $15.00.

Several equities analysts recently issued reports on the company. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research report on Tuesday, January 21st. Mizuho boosted their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank purchased a new stake in Tencent Music Entertainment Group during the fourth quarter worth about $286,000. GF Fund Management CO. LTD. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at approximately $11,411,000. Burgundy Asset Management Ltd. lifted its position in shares of Tencent Music Entertainment Group by 30.3% during the 4th quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company’s stock valued at $476,000 after acquiring an additional 9,755 shares during the period. Vise Technologies Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $169,000. Finally, Vident Advisory LLC grew its holdings in shares of Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company’s stock worth $214,000 after acquiring an additional 3,538 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Down 2.0 %

Shares of NYSE TME opened at $14.00 on Friday. The business has a 50-day moving average price of $12.43 and a 200 day moving average price of $11.82. The stock has a market cap of $24.02 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. 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 has a 52-week low of $9.41 and a 52-week high of $15.77.

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 issued a $0.18 dividend. The ex-dividend date is Thursday, April 3rd. This represents a yield of 0.9%. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is 22.03%.

About Tencent Music Entertainment Group

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.