Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Receives Average Rating of “Hold” from Analysts

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) have been given a consensus recommendation of “Hold” by the fourteen ratings firms that are covering the company, MarketBeat reports. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $21.4417.

Several research firms have weighed in on TME. UBS Group reiterated a “neutral” rating and set a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Benchmark reiterated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Mizuho dropped their price target on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Morgan Stanley reissued an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Finally, JPMorgan Chase & Co. dropped their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th.

Tencent Music Entertainment Group Stock Performance

TME stock opened at $9.11 on Friday. The business’s 50-day moving average price is $9.37 and its two-hundred day moving average price is $14.22. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. The firm has a market cap of $14.10 billion, a PE ratio of 11.38, a P/E/G ratio of 0.60 and a beta of 0.81. Tencent Music Entertainment Group has a 1-year low of $8.44 and a 1-year high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The firm had revenue of $1.15 billion for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. As a group, research analysts forecast that Tencent Music Entertainment Group will post 0.9 earnings per share for the current year.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a dividend yield of 262.0%. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.18. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is 28.75%.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently modified their holdings of TME. Bank of America Corp DE grew its holdings in shares of Tencent Music Entertainment Group by 71.6% in the 1st quarter. Bank of America Corp DE now owns 1,825,895 shares of the company’s stock valued at $16,944,000 after acquiring an additional 761,787 shares in the last quarter. Amundi grew its holdings in shares of Tencent Music Entertainment Group by 13.6% in the 1st quarter. Amundi now owns 3,350,991 shares of the company’s stock valued at $31,097,000 after acquiring an additional 401,396 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Tencent Music Entertainment Group by 24.3% in the 1st quarter. California State Teachers Retirement System now owns 275,922 shares of the company’s stock valued at $2,561,000 after acquiring an additional 53,911 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Tencent Music Entertainment Group by 9.6% in the 1st quarter. Quantinno Capital Management LP now owns 144,280 shares of the company’s stock valued at $1,339,000 after acquiring an additional 12,647 shares in the last quarter. Finally, Morningstar Investment Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 825.1% in the 1st quarter. Morningstar Investment Management LLC now owns 154,998 shares of the company’s stock valued at $1,438,000 after acquiring an additional 138,244 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

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.