Tencent Music Entertainment Group (NYSE:TME) Price Target Raised to $17.00

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

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

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $14.00 on Wednesday. The stock has a fifty day simple moving average of $12.43 and a 200-day simple moving average of $11.81. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $24.02 billion, a PE ratio of 25.92, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77.

Tencent Music Entertainment Group Increases Dividend

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

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently made changes to their positions in the business. Thrivent Financial for Lutherans lifted its holdings in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock worth $187,000 after buying an additional 3,746 shares in the last quarter. Swiss National Bank increased its position in shares of Tencent Music Entertainment Group by 1.0% during the third quarter. Swiss National Bank now owns 1,704,330 shares of the company’s stock worth $20,537,000 after acquiring an additional 17,100 shares during the period. Caprock Group LLC acquired a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at $147,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at $2,270,000. Finally, Avior Wealth Management LLC boosted its holdings in Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after purchasing an additional 4,071 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

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.