Short Interest in Tencent Music Entertainment Group (NYSE:TME) Expands By 27.6%

Tencent Music Entertainment Group (NYSE:TME) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 29,380,000 shares, an increase of 27.6% from the February 28th total of 23,020,000 shares. Currently, 4.2% of the company’s shares are sold short. Based on an average daily volume of 7,890,000 shares, the days-to-cover ratio is currently 3.7 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Thrivent Financial for Lutherans increased 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 purchasing an additional 3,746 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of Tencent Music Entertainment Group by 9.1% in the third quarter. Intech Investment Management LLC now owns 19,850 shares of the company’s stock worth $239,000 after buying an additional 1,664 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Tencent Music Entertainment Group by 15.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 877,343 shares of the company’s stock worth $10,572,000 after buying an additional 115,315 shares during the last quarter. Bank of Montreal Can raised its holdings in Tencent Music Entertainment Group by 86.0% in the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock valued at $2,235,000 after acquiring an additional 84,161 shares in the last quarter. Finally, FMR LLC boosted its stake in Tencent Music Entertainment Group by 98.8% during the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after acquiring an additional 2,967,779 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $14.47 on Thursday. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company has a market capitalization of $24.83 billion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The firm’s fifty day moving average price is $13.02 and its 200 day moving average price is $12.07.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.18 per share. This represents a dividend yield of 0.9%. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio is presently 28.81%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Mizuho lifted their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

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.