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

Tencent Music Entertainment Group (NYSE:TME) was the recipient of a large 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. Based on an average daily trading volume, of 7,890,000 shares, the days-to-cover ratio is presently 3.7 days. Approximately 4.2% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Mizuho lifted 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. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 26th. Finally, Morgan Stanley reaffirmed 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $14.41 on Tuesday. 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 stock has a market capitalization of $24.72 billion, a P/E ratio of 26.68, a P/E/G ratio of 0.77 and a beta of 0.70. The business has a 50-day moving average of $12.89 and a two-hundred day moving average of $12.02. Tencent Music Entertainment Group has a fifty-two week low of $9.41 and a fifty-two week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

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

Hedge Funds Weigh In On Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its holdings in shares of Tencent Music Entertainment Group by 86.0% during the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after buying an additional 84,161 shares during the period. Nordea Investment Management AB boosted its holdings in Tencent Music Entertainment Group by 9.5% during the fourth quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock valued at $16,738,000 after acquiring an additional 127,561 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $114,000. Principal Financial Group Inc. grew its position in shares of Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after purchasing an additional 211,873 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Tencent Music Entertainment Group by 98.8% in the third quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after purchasing an additional 2,967,779 shares during the period. Institutional investors and hedge funds 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.