Tencent Music Entertainment Group (NYSE:TME) Trading Down 2.6%

Tencent Music Entertainment Group (NYSE:TME) traded down 2.6% during mid-day trading on Monday . The stock traded as low as $14.07 and last traded at $14.15. 367,796 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 8,196,259 shares. The stock had previously closed at $14.53.

Analyst Ratings Changes

A number of research firms have commented on TME. Citigroup raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $9.00 to $13.00 in a research note on Wednesday, March 20th. Morgan Stanley increased their target price on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Benchmark lifted their target price on shares of Tencent Music Entertainment Group from $14.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, May 14th. HSBC upped their price target on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a research report on Wednesday, March 20th. Finally, Mizuho lifted their price objective on Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 10th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $12.75.

Tencent Music Entertainment Group Price Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.67 and a current ratio of 2.67. The business has a 50-day simple moving average of $14.37 and a 200 day simple moving average of $11.69. The firm has a market cap of $25.84 billion, a P/E ratio of 32.63, a price-to-earnings-growth ratio of 1.09 and a beta of 0.68.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Monday, May 13th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The company had revenue of $937.00 million during the quarter, compared to the consensus estimate of $904.29 million. Tencent Music Entertainment Group had a return on equity of 9.85% and a net margin of 18.88%. On average, analysts anticipate that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Announces Dividend

The business also recently announced an annual dividend, which was paid on Thursday, June 27th. Stockholders of record on Friday, May 31st were given a $0.121 dividend. The ex-dividend date was Friday, May 31st. This represents a dividend yield of 0.78%. Tencent Music Entertainment Group’s dividend payout ratio is 28.26%.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently bought and sold shares of TME. DNB Asset Management AS boosted its position in shares of Tencent Music Entertainment Group by 9.7% during the second quarter. DNB Asset Management AS now owns 53,305 shares of the company’s stock valued at $749,000 after purchasing an additional 4,707 shares in the last quarter. Swedbank AB purchased a new position in Tencent Music Entertainment Group during the first quarter valued at $1,980,000. iA Global Asset Management Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Tencent Music Entertainment Group by 7.0% in the 1st quarter. California State Teachers Retirement System now owns 215,202 shares of the company’s stock worth $2,408,000 after buying an additional 14,145 shares during the period. Finally, Bayesian Capital Management LP bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth about $352,000. 24.32% of the stock is owned by institutional investors.

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.