Tencent Music Entertainment Group (NYSE:TME) Raised to Buy at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports.

Several other brokerages have also issued reports on TME. Mizuho boosted their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, March 19th. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Trading Down 2.6 %

TME stock traded down $0.39 during trading on Wednesday, reaching $14.36. 4,531,413 shares of the stock were exchanged, compared to its average volume of 8,174,326. The business has a 50 day moving average price of $12.82 and a 200-day moving average price of $11.97. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $24.63 billion, a price-to-earnings ratio of 26.58, a P/E/G ratio of 0.77 and a beta of 0.70.

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Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. 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 payout ratio is currently 28.81%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TME. Thrivent Financial for Lutherans lifted its position in shares of Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company's stock worth $187,000 after purchasing an additional 3,746 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of Tencent Music Entertainment Group by 9.1% during the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company's stock worth $239,000 after acquiring an additional 1,664 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 15.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 877,343 shares of the company's stock valued at $10,572,000 after acquiring an additional 115,315 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $169,000. Finally, Bank of Montreal Can lifted its stake in Tencent Music Entertainment Group by 86.0% during the third quarter. Bank of Montreal Can now owns 181,991 shares of the company's stock worth $2,235,000 after purchasing an additional 84,161 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

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.