Tencent Music Entertainment Group (NYSE:TME) Reaches New 52-Week High – What’s Next?

Shares of Tencent Music Entertainment Group (NYSE:TME) reached a new 52-week high during trading on Tuesday . The stock traded as high as $17.09 and last traded at $16.85, with a volume of 1854919 shares changing hands. The stock had previously closed at $16.74.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TME shares. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Sanford C. Bernstein reissued an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Mizuho raised their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 19th. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a research report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $15.00.

Tencent Music Entertainment Group Price Performance

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 business has a 50-day simple moving average of $13.74 and a 200 day simple moving average of $12.52. The firm has a market cap of $29.15 billion, a P/E ratio of 31.44, a price-to-earnings-growth ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were issued a dividend of $0.18 per share. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend payout ratio is currently 20.24%.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TME. Barclays PLC raised its holdings in Tencent Music Entertainment Group by 5.8% in the 3rd quarter. Barclays PLC now owns 762,650 shares of the company’s stock worth $9,189,000 after purchasing an additional 41,990 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Tencent Music Entertainment Group by 232.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 129,170 shares of the company’s stock valued at $1,466,000 after buying an additional 90,329 shares during the period. Union Bancaire Privee UBP SA bought a new position in Tencent Music Entertainment Group in the fourth quarter worth about $370,000. Matthews International Capital Management LLC lifted its holdings in Tencent Music Entertainment Group by 136.9% in the fourth quarter. Matthews International Capital Management LLC now owns 756,957 shares of the company’s stock worth $8,591,000 after buying an additional 437,418 shares during the period. Finally, Jennison Associates LLC boosted its position in Tencent Music Entertainment Group by 0.5% during the 4th quarter. Jennison Associates LLC now owns 2,833,838 shares of the company’s stock valued at $32,164,000 after acquiring an additional 14,971 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.