Tencent Music Entertainment Group (NYSE:TME) Reaches New 1-Year Low – Should You Sell?

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $9.68 and last traded at $9.7170, with a volume of 2255199 shares. The stock had previously closed at $9.97.

Analysts Set New Price Targets

A number of research firms have commented on TME. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.00 target price on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research report on Monday, December 29th. Benchmark restated a “hold” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Mizuho lowered their price objective on shares of Tencent Music Entertainment Group from $28.00 to $23.00 and set an “outperform” rating for the company in a research report on Wednesday, March 18th. Finally, UBS Group reiterated a “neutral” rating and issued a $13.00 target price (down from $26.00) on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average target price of $22.03.

Tencent Music Entertainment Group Stock Down 1.3%

The company has a market capitalization of $15.08 billion, a PE ratio of 9.83, a PEG ratio of 0.64 and a beta of 0.56. 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 business has a fifty day moving average of $14.77 and a 200 day moving average of $18.65.

Tencent Music Entertainment Group Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Thursday, April 23rd. Investors of record on Thursday, April 2nd will be issued a $0.24 dividend. This represents a dividend yield of 238.0%. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.18. The ex-dividend date is Thursday, April 2nd. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 17.17%.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group grew its stake in shares of Tencent Music Entertainment Group by 30.0% in the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after acquiring an additional 18,554,567 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Tencent Music Entertainment Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock worth $376,119,000 after acquiring an additional 293,385 shares during the period. Krane Funds Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 5.4% in the fourth quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock valued at $351,427,000 after acquiring an additional 1,026,551 shares in the last quarter. Cantillon Capital Management LLC boosted its holdings in Tencent Music Entertainment Group by 1.4% in the fourth quarter. Cantillon Capital Management LLC now owns 18,708,502 shares of the company’s stock valued at $327,960,000 after purchasing an additional 256,286 shares during the period. Finally, Overlook Investments LP purchased a new position in Tencent Music Entertainment Group in the fourth quarter valued at $278,022,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

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.