Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Average Recommendation of “Hold” from Brokerages

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given an average recommendation of “Hold” by the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $22.0250.

Several research firms recently issued reports on TME. Zacks Research lowered Tencent Music Entertainment Group from a “hold” rating to a “strong sell” rating in a research note on Friday, April 17th. Mizuho dropped their price objective on 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. Morgan Stanley reissued an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. UBS Group reissued a “neutral” rating and set a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $9.09 on Monday. The firm has a market capitalization of $14.08 billion, a price-to-earnings ratio of 9.18, a P/E/G ratio of 0.60 and a beta of 0.81. Tencent Music Entertainment Group has a 52-week low of $8.78 and a 52-week high of $26.70. The stock has a fifty day moving average of $11.19 and a 200 day moving average of $16.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were paid a dividend of $0.24 per share. This represents a yield of 262.0%. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date of this dividend was Thursday, April 2nd. Tencent Music Entertainment Group’s dividend payout ratio is presently 23.23%.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently added to or reduced their stakes in TME. Royal Bank of Canada lifted its stake in Tencent Music Entertainment Group by 9.0% during the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after purchasing an additional 11,979 shares during the last quarter. AQR Capital Management LLC lifted its stake in Tencent Music Entertainment Group by 107.5% during the first quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after purchasing an additional 44,265 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Tencent Music Entertainment Group during the first quarter worth about $985,000. Acadian Asset Management LLC lifted its stake in Tencent Music Entertainment Group by 385,900.0% during the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock worth $722,000 after purchasing an additional 50,167 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Tencent Music Entertainment Group by 83.0% during the second quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company’s stock worth $59,000 after purchasing an additional 1,363 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

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.