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

Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The stock traded as high as $17.94 and last traded at $17.83, with a volume of 994458 shares traded. The stock had previously closed at $17.52.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TME. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Mizuho lifted their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Wednesday, March 26th. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Price Performance

The firm has a market capitalization of $28.88 billion, a P/E ratio of 31.17, a P/E/G ratio of 0.77 and a beta of 0.46. 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's fifty day simple moving average is $14.37 and its 200 day simple moving average is $12.87.

Tencent Music Entertainment Group Increases Dividend

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

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds have recently modified their holdings of the stock. SVB Wealth LLC acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at about $34,000. Banque Transatlantique SA acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at about $46,000. Brooklyn Investment Group increased its holdings in shares of Tencent Music Entertainment Group by 957.1% during the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $110,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $114,000. 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.