Tencent Music Entertainment Group (NYSE:TME) Reaches New 12-Month Low – What’s Next?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) reached a new 52-week low during trading on Monday . The stock traded as low as $9.25 and last traded at $9.3650, with a volume of 804640 shares traded. The stock had previously closed at $9.43.

Analyst Ratings Changes

A number of research analysts recently issued reports on TME shares. UBS Group reiterated a “neutral” rating and set a $13.00 price objective (down from $26.00) on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Morgan Stanley restated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Benchmark reaffirmed a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, March 18th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.03.

Tencent Music Entertainment Group Stock Performance

The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average price of $14.20 and a two-hundred day moving average price of $18.16. The stock has a market cap of $14.38 billion, a P/E ratio of 9.38, a price-to-earnings-growth ratio of 0.61 and a beta of 0.56.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed 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 an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a yield of 238.0%. Tencent Music Entertainment Group’s payout ratio is 17.17%.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently modified their holdings of TME. Overlook Investments LP purchased a new position in Tencent Music Entertainment Group during the fourth quarter valued at $278,022,000. Compound Planning Inc. lifted its stake in Tencent Music Entertainment Group by 2.6% in the 4th quarter. Compound Planning Inc. now owns 39,324 shares of the company’s stock worth $689,000 after purchasing an additional 984 shares in the last quarter. Invesco Ltd. lifted its stake in Tencent Music Entertainment Group by 195.9% in the 4th quarter. Invesco Ltd. now owns 6,991,937 shares of the company’s stock worth $122,569,000 after purchasing an additional 4,629,058 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Tencent Music Entertainment Group by 2.6% during the 4th quarter. Mackenzie Financial Corp now owns 219,864 shares of the company’s stock valued at $3,875,000 after purchasing an additional 5,496 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its position in shares of Tencent Music Entertainment Group by 1,439.1% during the fourth quarter. Voloridge Investment Management LLC now owns 513,021 shares of the company’s stock valued at $8,993,000 after purchasing an additional 479,689 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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.