Tencent Music Entertainment Group (NYSE:TME) Sets New 1-Year High – Should You Buy?

Shares of Tencent Music Entertainment Group (NYSE:TME) hit a new 52-week high on Tuesday . The stock traded as high as $17.09 and last traded at $16.85, with a volume of 1854919 shares. The stock had previously closed at $16.74.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Mizuho increased their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 19th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Price Performance

The firm’s fifty day simple moving average is $13.74 and its 200-day simple moving average is $12.52. The firm has a market capitalization of $29.15 billion, a PE ratio of 31.44, a PEG ratio of 0.77 and a beta of 0.46. 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 company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were issued a $0.18 dividend. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date was Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio is presently 20.24%.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its stake in shares of 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 worth $126,000 after purchasing an additional 1,094 shares during the last quarter. BNP Paribas increased its holdings in Tencent Music Entertainment Group by 2.0% in the 4th quarter. BNP Paribas now owns 58,066 shares of the company’s stock worth $659,000 after buying an additional 1,131 shares in the last quarter. Corient Private Wealth LLC raised its position in Tencent Music Entertainment Group by 4.2% in the 4th 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. Sumitomo Mitsui DS Asset Management Company Ltd raised 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 worth $586,000 after buying an additional 1,923 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in Tencent Music Entertainment Group by 5.7% during the 4th quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company’s stock valued at $415,000 after acquiring an additional 1,981 shares during the period. 24.32% of the stock is owned by institutional investors.

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.