Tencent Music Entertainment Group (NYSE:TME) Sees Large Increase in Short Interest

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB acquired a new stake in Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. SBI Securities Co. Ltd. purchased a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at $114,000. PNC Financial Services Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after acquiring an additional 1,094 shares during the last quarter. Finally, Unigestion Holding SA purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $161,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Mizuho increased their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 19th. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded up $0.01 during mid-day trading on Wednesday, reaching $14.47. The stock had a trading volume of 4,537,508 shares, compared to its average volume of 8,155,142. The firm has a market capitalization of $24.83 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 0.77 and a beta of 0.70. The business has a 50 day simple moving average of $12.96 and a 200 day simple moving average of $12.05. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Tencent Music Entertainment Group Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be paid a $0.18 dividend. This represents a yield of 0.9%. This is a boost 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 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.