Tencent Music Entertainment Group (NYSE:TME) Short Interest Up 27.6% in March

Tencent Music Entertainment Group (NYSE:TME) saw a large increase in short interest during the month of 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. Based on an average daily trading volume, of 7,890,000 shares, the short-interest ratio is presently 3.7 days. Approximately 4.2% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TME shares. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Mizuho boosted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, March 19th. Finally, Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report 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. According to MarketBeat, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after purchasing an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership bought a new position in Tencent Music Entertainment Group in the 4th quarter worth approximately $113,031,000. Norges Bank acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at approximately $99,539,000. Mawer Investment Management Ltd. raised its stake in Tencent Music Entertainment Group by 152.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock valued at $130,155,000 after acquiring an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in Tencent Music Entertainment Group by 6.7% during the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after acquiring an additional 3,987,116 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $14.47 on Thursday. 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 capitalization of $24.83 billion, a PE ratio of 26.80, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The business’s fifty day moving average price is $13.02 and its two-hundred day moving average price is $12.07.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be given a $0.18 dividend. The ex-dividend date is Thursday, April 3rd. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 28.81%.

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.