Tencent Music Entertainment Group (NYSE:TME) Reaches New 12-Month High - Still a Buy?

Shares of Tencent Music Entertainment Group (NYSE:TME - Get Free Report) hit a new 52-week high on Saturday . The stock traded as high as $18.06 and last traded at $18.00, with a volume of 5545080 shares changing hands. The stock had previously closed at $17.78.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TME shares. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Finally, Mizuho upped 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 research note on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

Tencent Music Entertainment Group Trading Down 0.8%

The business has a fifty day simple moving average of $14.85 and a 200 day simple moving average of $13.21. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $31.52 billion, a P/E ratio of 34.01, a P/E/G ratio of 0.77 and a beta of 0.51.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were given a $0.18 dividend. This represents a dividend yield of 0.9%. The ex-dividend date was Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's dividend payout ratio is 20.24%.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors have recently bought and sold shares of TME. First Hawaiian Bank acquired a new stake in shares of Tencent Music Entertainment Group in the first quarter worth $1,292,000. Strs Ohio acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter valued at $1,228,000. Acadian Asset Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 385,900.0% during the first quarter. Acadian Asset Management LLC now owns 50,180 shares of the company's stock worth $722,000 after purchasing an additional 50,167 shares during the last quarter. Belpointe Asset Management LLC acquired a new position in shares of Tencent Music Entertainment Group during the first quarter worth approximately $648,000. Finally, Fortis Capital Advisors LLC bought a new position in Tencent Music Entertainment Group in the 1st quarter valued at $648,000. Institutional investors and hedge funds own 24.32% of the company's stock.

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.