Tencent Music Entertainment Group (NYSE:TME) Sets New 12-Month Low on Analyst Downgrade

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Mizuho lowered their price target on the stock from $23.00 to $18.00. Mizuho currently has an outperform rating on the stock. Tencent Music Entertainment Group traded as low as $8.75 and last traded at $9.0340, with a volume of 2464960 shares trading hands. The stock had previously closed at $9.07.

TME has been the topic of several other reports. Morgan Stanley reissued an “equal weight” rating on shares of Tencent Music Entertainment Group in a research note on Thursday, March 19th. Jefferies Financial Group reiterated a “buy” rating and issued a $23.00 price objective on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 17th. 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. Barclays reduced their price target on shares of 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. Finally, 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. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $21.61.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC acquired a new position in Tencent Music Entertainment Group during the third quarter worth $31,000. Allworth Financial LP grew 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 valued at $35,000 after buying an additional 573 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Tencent Music Entertainment Group by 1,326.5% during the third quarter. Global Retirement Partners LLC now owns 1,883 shares of the company’s stock valued at $44,000 after buying an additional 1,751 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position 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 acquiring an additional 2,022 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of Tencent Music Entertainment Group by 137.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,414 shares of the company’s stock worth $57,000 after acquiring an additional 1,397 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

The firm has a market cap of $13.81 billion, a P/E ratio of 9.02, a PEG ratio of 0.60 and a beta of 0.81. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average is $10.52 and its two-hundred day moving average is $15.37.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a return on equity of 11.08% and a net margin of 33.44%.The firm had revenue of $1.15 billion during the quarter. As a group, equities analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current fiscal year.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which was paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd were given a $0.24 dividend. This represents a yield of 262.0%. The ex-dividend date of this dividend was Thursday, April 2nd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. Tencent Music Entertainment Group’s payout ratio is currently 23.23%.

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.