Tencent Music Entertainment Group (NYSE:TME) Sets New 1-Year Low – Time to Sell?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $9.68 and last traded at $9.7170, with a volume of 2255199 shares. The stock had previously closed at $9.97.

Analyst Upgrades and Downgrades

TME has been the subject of several recent research reports. JPMorgan Chase & Co. reissued a “neutral” rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Barclays decreased their price target 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. UBS Group reissued a “neutral” rating and set a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $22.03.

Tencent Music Entertainment Group Price Performance

The firm’s fifty day simple moving average is $15.07 and its 200-day simple moving average is $18.82. The firm has a market capitalization of $14.92 billion, a PE ratio of 9.73, a PEG ratio of 0.64 and a beta of 0.56. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed 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. This represents a yield of 238.0%. The ex-dividend date is Thursday, April 2nd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 17.17%.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Overlook Investments LP purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $278,022,000. Compound Planning Inc. boosted its position in shares of Tencent Music Entertainment Group by 2.6% during the fourth quarter. Compound Planning Inc. now owns 39,324 shares of the company’s stock valued at $689,000 after buying an additional 984 shares during the last quarter. Invesco Ltd. boosted its position in shares of Tencent Music Entertainment Group by 195.9% during the fourth quarter. Invesco Ltd. now owns 6,991,937 shares of the company’s stock valued at $122,569,000 after buying an additional 4,629,058 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Tencent Music Entertainment Group by 2.6% in the 4th quarter. Mackenzie Financial Corp now owns 219,864 shares of the company’s stock worth $3,875,000 after buying an additional 5,496 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its position in Tencent Music Entertainment Group by 1,439.1% in the 4th quarter. Voloridge Investment Management LLC now owns 513,021 shares of the company’s stock worth $8,993,000 after buying an additional 479,689 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

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.