Tencent Music Entertainment Group (NYSE:TME) Reaches New 52-Week Low – Should You Sell?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $9.68 and last traded at $9.7170, with a volume of 2255199 shares changing hands. The stock had previously closed at $9.97.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Benchmark restated a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Barclays dropped their target price on Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $12.00 price target on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Daiwa Securities Group reiterated a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.03.

Tencent Music Entertainment Group Stock Down 3.4%

The company has a 50 day moving average price of $15.07 and a 200-day moving average price of $18.82. The stock has a market capitalization of $14.92 billion, a PE ratio of 9.73, a PEG ratio of 0.64 and a beta of 0.56. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd will be issued a $0.24 dividend. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date is Thursday, April 2nd. This represents a yield of 238.0%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 17.17%.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in Tencent Music Entertainment Group by 9.0% in the first quarter. Royal Bank of Canada now owns 144,475 shares of the company’s stock worth $2,082,000 after buying an additional 11,979 shares during the period. AQR Capital Management LLC raised its position in shares of Tencent Music Entertainment Group by 107.5% in the 1st quarter. AQR Capital Management LLC now owns 85,450 shares of the company’s stock worth $1,231,000 after acquiring an additional 44,265 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at approximately $985,000. Acadian Asset Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 385,900.0% in the 1st quarter. Acadian Asset Management LLC now owns 50,180 shares of the company’s stock valued at $722,000 after purchasing an additional 50,167 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 11.0% during the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after purchasing an additional 1,269 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.