Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Analysts give Tencent Music (NYSE:TME) an average recommendation of “Hold” from 14 brokerages (1 sell, 7 hold, 6 buy) with an average 12‑month price target of $22.03.
• TME opened at $9.34, has a market cap of $14.46 billion, a P/E of 9.43 and a 12‑month range of $8.78–$26.70, with 50‑day and 200‑day moving averages at $11.69 and $16.33 respectively.
• The company increased its annual dividend to $0.24 (paid April 23; ex‑dividend April 2) and reported a dividend payout ratio of 23.23%.

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) have received an average recommendation of "Hold" from the fourteen brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $22.0250.

Several research firms recently commented on TME. Morgan Stanley reaffirmed an "equal weight" rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Zacks Research lowered shares of Tencent Music Entertainment Group from a "hold" rating to a "strong sell" rating in a research note on Friday, April 17th. Benchmark reiterated a "hold" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Barclays lowered their price target on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 19th. Finally, Mizuho lowered their price target on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 18th.

Tencent Music Entertainment Group Trading Down 0.0%

TME opened at $9.34 on Monday. The stock has a market capitalization of $14.46 billion, a P/E ratio of 9.43, a P/E/G ratio of 0.61 and a beta of 0.80. Tencent Music Entertainment Group has a 12 month low of $8.78 and a 12 month high of $26.70. The firm's fifty day simple moving average is $11.69 and its 200 day simple moving average is $16.33. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were paid a $0.24 dividend. This represents a yield of 262.0%. The ex-dividend date was Thursday, April 2nd. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.18. Tencent Music Entertainment Group's dividend payout ratio (DPR) is presently 23.23%.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TME. Robeco Institutional Asset Management B.V. increased its stake in shares of Tencent Music Entertainment Group by 7.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 5,706,740 shares of the company's stock worth $100,039,000 after purchasing an additional 387,109 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Tencent Music Entertainment Group by 85.7% during the 4th quarter. SG Americas Securities LLC now owns 542,198 shares of the company's stock worth $9,505,000 after purchasing an additional 250,261 shares during the last quarter. Green Court Capital Management Ltd increased its stake in shares of Tencent Music Entertainment Group by 93.1% during the 3rd quarter. Green Court Capital Management Ltd now owns 1,039,078 shares of the company's stock worth $24,252,000 after purchasing an additional 501,078 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $4,257,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Tencent Music Entertainment Group by 414.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,130,608 shares of the company's stock worth $19,820,000 after purchasing an additional 910,767 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group NYSE: TME is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent's music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.

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