Deutsche Bank Aktiengesellschaft Upgrades Tencent Music Entertainment Group (NYSE:TME) to “Buy”

Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a hold rating to a buy rating in a research note released on Wednesday, Marketbeat Ratings reports.

Other equities analysts also recently issued reports about the stock. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research note on Tuesday, January 21st. Mizuho increased their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $14.36 on Wednesday. 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 firm has a market cap of $24.63 billion, a price-to-earnings ratio of 26.58, a P/E/G ratio of 0.77 and a beta of 0.70. The stock’s fifty day moving average price is $12.82 and its two-hundred day moving average price is $11.95. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.18 per share. This represents a yield of 0.9%. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date is Thursday, April 3rd. Tencent Music Entertainment Group’s dividend payout ratio is presently 30.51%.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently made changes to their positions in TME. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group in the third quarter valued at approximately $64,000. SBI Securities Co. Ltd. acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $114,000. PNC Financial Services Group Inc. increased its stake in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. Finally, DRW Securities LLC acquired a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth $169,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

About Tencent Music Entertainment Group

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.