Brokerages Set Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) PT at $22.03

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are covering the firm, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $22.0250.

Several research analysts recently commented on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. UBS Group reaffirmed a “neutral” rating and issued a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter worth $31,000. Allworth Financial LP raised its stake in Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after buying an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after buying an additional 2,022 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in Tencent Music Entertainment Group by 1,326.5% during the 3rd quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock worth $44,000 after buying an additional 1,751 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth about $46,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Stock Down 0.1%

Tencent Music Entertainment Group stock opened at $9.17 on Thursday. The firm has a market capitalization of $14.20 billion, a P/E ratio of 9.26, a P/E/G ratio of 0.60 and a beta of 0.80. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. Tencent Music Entertainment Group has a twelve month low of $8.78 and a twelve month high of $26.70. The stock’s fifty day simple moving average is $13.77 and its 200-day simple moving average is $17.87.

Tencent Music Entertainment Group Increases Dividend

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

About Tencent Music Entertainment Group

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.