Tencent Music Entertainment Group (NYSE:TME) Receives $15.00 Average Price Target from Brokerages

Tencent Music Entertainment Group (NYSE:TME) has been given a consensus rating of “Moderate Buy” by the nine research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $15.00.

A number of research firms recently commented on TME. Mizuho boosted their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday.

Institutional Trading of Tencent Music Entertainment Group

A number of large investors have recently made changes to their positions in TME. Wilmington Savings Fund Society FSB purchased a new position in Tencent Music Entertainment Group in the 3rd quarter valued at about $64,000. Avior Wealth Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $110,000. Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth approximately $114,000. Finally, PNC Financial Services Group Inc. raised its holdings in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after acquiring an additional 1,094 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $14.36 on Friday. The company has a market cap of $24.63 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77. The business has a fifty day moving average of $12.82 and a two-hundred day moving average of $11.97. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Tencent Music Entertainment Group Increases Dividend

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