Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 3.2%

Tencent Music Entertainment Group (NYSE:TME)’s share price traded down 3.2% on Monday . The company traded as low as $14.31 and last traded at $14.33. 713,427 shares were traded during mid-day trading, a decline of 92% from the average session volume of 8,393,501 shares. The stock had previously closed at $14.80.

Analyst Upgrades and Downgrades

TME has been the subject of several recent research reports. Bank of America boosted their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Citigroup upgraded Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $9.00 to $13.00 in a report on Wednesday, March 20th. Benchmark raised their price objective on Tencent Music Entertainment Group from $14.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, May 14th. Morgan Stanley upped their target price on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Finally, HSBC raised their price target on shares of Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a research report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus price target of $12.75.

Tencent Music Entertainment Group Stock Performance

The company’s 50-day moving average is $13.53 and its two-hundred day moving average is $10.99. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.09. The company has a market cap of $24.33 billion, a P/E ratio of 32.17, a price-to-earnings-growth ratio of 1.11 and a beta of 0.72.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $937.00 million during the quarter, compared to the consensus estimate of $904.29 million. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. Equities analysts predict that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Tencent Music Entertainment Group Dividend Announcement

The company also recently announced an annual dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.121 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a dividend yield of 0.78%. Tencent Music Entertainment Group’s payout ratio is presently 26.09%.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Tobam purchased a new position in Tencent Music Entertainment Group in the 4th quarter valued at approximately $36,000. Headinvest LLC bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $39,000. Lindbrook Capital LLC lifted its holdings in Tencent Music Entertainment Group by 40.9% during the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after purchasing an additional 2,044 shares in the last quarter. QRG Capital Management Inc. bought a new position in Tencent Music Entertainment Group in the 3rd quarter worth about $75,000. Finally, SageView Advisory Group LLC purchased a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $90,000. Institutional investors 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.