Tencent Music Entertainment Group (NYSE:TME) Upgraded to Strong-Buy at Nomura Securities

Nomura Securities upgraded shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) to a strong-buy rating in a research note published on Tuesday, April 8th,Zacks.com reports.

Several other research analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Mizuho raised their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Stock Up 1.6 %

Shares of TME stock traded up $0.20 on Tuesday, hitting $12.83. The stock had a trading volume of 2,271,115 shares, compared to its average volume of 8,321,400. The stock's 50 day moving average is $13.20 and its 200-day moving average is $12.21. The firm has a market capitalization of $22.02 billion, a price-to-earnings ratio of 23.76, a P/E/G ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

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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 paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio is 28.81%.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors have recently bought and sold shares of the stock. Schroder Investment Management Group boosted its stake in Tencent Music Entertainment Group by 6.7% during the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock valued at $715,783,000 after purchasing an additional 3,987,116 shares during the period. Vanguard Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock valued at $335,833,000 after acquiring an additional 332,264 shares during the period. Cantillon Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 18.3% in the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company's stock worth $247,893,000 after acquiring an additional 3,384,230 shares during the last quarter. Krane Funds Advisors LLC increased its position in Tencent Music Entertainment Group by 21.8% during the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company's stock worth $225,365,000 after acquiring an additional 3,560,452 shares during the period. Finally, State Street Corp raised its stake in Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company's stock valued at $154,499,000 after purchasing an additional 166,225 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Company Profile

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.