Brokerages Set Tencent Music Entertainment Group (NYSE:TME) Price Target at $15.00

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) has been assigned an average rating of "Moderate Buy" from the nine research firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $15.00.

A number of equities research analysts recently commented on TME shares. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday. Finally, Mizuho raised their target price 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.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock traded up $0.16 during trading hours on Friday, hitting $14.41. 3,998,721 shares of the stock traded hands, compared to its average volume of 8,426,050. The firm's 50 day moving average price is $12.58 and its 200-day moving average price is $11.89. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market capitalization of $24.72 billion, a price-to-earnings ratio of 26.68, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77.

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Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's dividend payout ratio (DPR) is currently 30.51%.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds have recently modified their holdings of TME. PNC Financial Services Group Inc. increased its stake in shares of 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 purchasing an additional 1,094 shares in the last quarter. BNP Paribas increased its position in shares of Tencent Music Entertainment Group by 2.0% in the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock valued at $659,000 after buying an additional 1,131 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Tencent Music Entertainment Group by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock valued at $383,000 after buying an additional 1,370 shares in the last quarter. Intech Investment Management LLC grew its stake in Tencent Music Entertainment Group by 9.1% in the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company's stock valued at $239,000 after acquiring an additional 1,664 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Tencent Music Entertainment Group by 3.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock worth $586,000 after acquiring an additional 1,923 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other 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.