Tencent Music Entertainment Group (NYSE:TME) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a strong sell rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

Other analysts also recently issued reports about the company. UBS Group reiterated a “neutral” rating and set a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Jefferies Financial Group reiterated a “buy” rating and set a $23.00 target price on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Benchmark restated a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Mizuho lowered their price objective on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Finally, Daiwa Securities Group restated a “hold” rating and set a $12.00 price objective on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $9.17 on Tuesday. The stock has a fifty day moving average price of $9.92 and a 200-day moving average price of $14.78. The company has a market cap of $14.20 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 0.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09. Tencent Music Entertainment Group has a fifty-two week low of $8.44 and a fifty-two week high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. The firm had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. As a group, equities analysts anticipate that Tencent Music Entertainment Group will post 0.9 EPS for the current fiscal year.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Thursday, April 23rd. Shareholders of record on Thursday, April 2nd were given a dividend of $0.24 per share. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. This represents a yield of 262.0%. The ex-dividend date was Thursday, April 2nd. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 28.75%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TME. Smartleaf Asset Management LLC acquired a new position in Tencent Music Entertainment Group during the third quarter valued at approximately $31,000. Allworth Financial LP increased its holdings in shares of Tencent Music Entertainment Group by 63.2% during the third quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock worth $35,000 after buying an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Tencent Music Entertainment Group by 5,777.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company’s stock worth $36,000 after buying an additional 2,022 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $46,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Tencent Music Entertainment Group by 137.4% during the third quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after buying an additional 1,397 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Company Profile

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.