Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given an average recommendation of “Hold” by the fourteen analysts that are currently covering the company, MarketBeat.com reports. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $22.0250.

A number of brokerages have recently issued reports on TME. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Mizuho lowered their target price on shares of 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. Barclays lowered their target price on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 19th. Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $23.00 price target on shares of Tencent Music Entertainment Group in a report on Tuesday, March 17th.

Tencent Music Entertainment Group Stock Up 4.4%

Shares of NYSE:TME opened at $9.39 on Thursday. Tencent Music Entertainment Group has a 1 year low of $8.78 and a 1 year high of $26.70. The business has a 50 day simple moving average of $13.29 and a two-hundred day simple moving average of $17.53. The firm has a market capitalization of $14.54 billion, a PE ratio of 9.48, a price-to-earnings-growth ratio of 0.60 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.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd will be issued a $0.24 dividend. The ex-dividend date is Thursday, April 2nd. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.18. This represents a dividend yield of 262.0%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 23.23%.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC purchased a new stake in Tencent Music Entertainment Group in the third quarter worth about $31,000. Allworth Financial LP lifted its holdings in Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares during the period. Global Retirement Partners LLC lifted its holdings in Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after buying an additional 1,751 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Tencent Music Entertainment Group by 5,777.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after buying an additional 2,022 shares during the period. Finally, Jones Financial Companies Lllp lifted its holdings in Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after buying an additional 1,397 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

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.