Shares of Tencent Music Entertainment Group (NYSE:TME - Get Free Report) reached a new 52-week high during trading 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
Several analysts have recently commented on the stock. Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft raised 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. Finally, Mizuho raised their price target 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. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and an average target price of $15.00.
Read Our Latest Research Report on TME
Tencent Music Entertainment Group Price Performance
The company has a market capitalization of $30.89 billion, a P/E ratio of 33.33, a P/E/G ratio of 0.77 and a beta of 0.46. The business's 50-day simple moving average is $14.69 and its 200 day simple moving average is $13.10. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.
Tencent Music Entertainment Group Increases Dividend
The firm also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were paid a $0.18 dividend. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's payout ratio is currently 20.24%.
Hedge Funds Weigh In On Tencent Music Entertainment Group
Hedge funds have recently made changes to their positions in the business. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $34,000. Banque Transatlantique SA acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth approximately $46,000. Brooklyn Investment Group grew its stake in shares of Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after purchasing an additional 4,307 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $110,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $114,000. Institutional investors and hedge funds own 24.32% of the company's stock.
About Tencent Music Entertainment Group
(
Get Free Report)
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.
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