Tencent Music Entertainment Group (NYSE:TME) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Tencent Music Entertainment Group (NYSE:TME) has received a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $15.00.

Several research firms have recently weighed in on TME. 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. Mizuho lifted their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 19th. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Nomura Securities raised Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TME. PNC Financial Services Group Inc. boosted its position in Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares during the period. BNP Paribas increased its position in shares of Tencent Music Entertainment Group by 2.0% during the fourth quarter. BNP Paribas now owns 58,066 shares of the company’s stock valued at $659,000 after buying an additional 1,131 shares during the period. Corient Private Wealth LLC raised its stake in Tencent Music Entertainment Group by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock worth $383,000 after buying an additional 1,370 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after buying an additional 1,923 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in shares of Tencent Music Entertainment Group by 5.7% during the 4th quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company’s stock worth $415,000 after acquiring an additional 1,981 shares during the period. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Down 2.4 %

TME stock opened at $11.99 on Thursday. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The stock has a market cap of $20.58 billion, a price-to-earnings ratio of 22.20, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company’s 50 day moving average is $13.19 and its 200 day moving average is $12.19.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be paid a $0.18 dividend. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio is 28.81%.

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.