Tencent Music Entertainment Group (NYSE:TME) Stock Price Expected to Rise, Mizuho Analyst Says

Tencent Music Entertainment Group (NYSE:TME) had its target price raised by Mizuho from $16.00 to $17.00 in a research report report published on Wednesday,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Separately, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Trading Down 2.0 %

NYSE TME opened at $14.00 on Wednesday. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $15.77. The firm has a 50 day moving average of $12.43 and a two-hundred day moving average of $11.81. The stock has a market capitalization of $24.02 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be issued a $0.18 dividend. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio is presently 22.03%.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently bought and sold shares of TME. PNC Financial Services Group Inc. increased its stake in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares during the period. BNP Paribas boosted its stake in shares of Tencent Music Entertainment Group by 2.0% during the fourth quarter. BNP Paribas now owns 58,066 shares of the company’s stock worth $659,000 after buying an additional 1,131 shares during the period. Corient Private Wealth LLC grew its holdings in shares of Tencent Music Entertainment Group by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock worth $383,000 after buying an additional 1,370 shares during the last quarter. Intech Investment Management LLC increased its position in Tencent Music Entertainment Group by 9.1% in the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock valued at $239,000 after acquiring an additional 1,664 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Tencent Music Entertainment Group by 3.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after acquiring an additional 1,923 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.