Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up Following Dividend Announcement

Tencent Music Entertainment Group (NYSE:TME)’s stock price gapped up before the market opened on Tuesday following a dividend announcement from the company. The stock had previously closed at $13.06, but opened at $14.19. Tencent Music Entertainment Group shares last traded at $13.99, with a volume of 7,830,362 shares traded.

The newly announced dividend which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be paid a $0.18 dividend. The ex-dividend date is Thursday, April 3rd. This represents a yield of 0.9%. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s payout ratio is currently 22.03%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TME shares. Morgan Stanley upgraded Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 21st. Mizuho raised their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.16.

Tencent Music Entertainment Group Stock Down 2.5 %

The company has a market capitalization of $25.24 billion, a price-to-earnings ratio of 27.23, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The firm’s 50 day moving average price is $12.29 and its two-hundred day moving average price is $11.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently bought and sold shares of TME. Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $64,000. Avior Wealth Management LLC lifted its holdings in Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after purchasing an additional 4,071 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group during the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group in the fourth quarter valued at $114,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Tencent Music Entertainment Group by 10.9% in the fourth 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 period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

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.