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

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

Tencent Music Entertainment Group Stock Up 0.1 %

Shares of Tencent Music Entertainment Group stock traded up $0.01 during trading on Wednesday, hitting $14.47. 4,537,508 shares of the stock were exchanged, compared to its average volume of 8,155,142. 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’s 50-day moving average price is $12.96 and its 200 day moving average price is $12.05. The stock has a market cap 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. Tencent Music Entertainment Group has a 12-month low of $9.41 and a 12-month high of $15.77.

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%. The ex-dividend date is Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is 28.81%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TME. 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. Mizuho boosted their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 19th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 18th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Several institutional investors have recently added to or reduced their stakes in TME. Schroder Investment Management Group raised its holdings in Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after purchasing an additional 3,987,116 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Tencent Music Entertainment Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company’s stock valued at $335,833,000 after buying an additional 332,264 shares during the last quarter. Cantillon Capital Management LLC raised its stake in Tencent Music Entertainment Group by 18.3% during the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock worth $247,893,000 after acquiring an additional 3,384,230 shares in the last quarter. Krane Funds Advisors LLC lifted its position in Tencent Music Entertainment Group by 21.8% in the fourth quarter. Krane Funds Advisors LLC now owns 19,855,951 shares of the company’s stock valued at $225,365,000 after acquiring an additional 3,560,452 shares during the last quarter. Finally, State Street Corp boosted its stake in Tencent Music Entertainment Group by 1.3% in the third quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after acquiring an additional 166,225 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.