Tencent Music Entertainment Group (NYSE:TME) Upgraded at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a hold rating to a buy rating in a research report released on Wednesday, MarketBeat Ratings reports.

Several other brokerages have also recently weighed in on TME. Mizuho raised their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 19th. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $14.36 on Wednesday. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The company’s fifty day simple moving average is $12.82 and its 200-day simple moving average is $11.95. The firm has a market cap of $24.63 billion, a PE ratio of 26.58, a P/E/G 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 Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s payout ratio is 30.51%.

Institutional Trading of Tencent Music Entertainment Group

A number of hedge funds have recently made changes to their positions in TME. JPMorgan Chase & Co. increased its holdings in shares of Tencent Music Entertainment Group by 558.2% during the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock worth $133,629,000 after acquiring an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at $113,031,000. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at $99,539,000. Mawer Investment Management Ltd. raised its position in shares of Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock valued at $130,155,000 after purchasing an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group lifted its stake in shares of Tencent Music Entertainment Group by 6.7% during the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after buying an additional 3,987,116 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

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.