Tencent Music Entertainment Group (NYSE:TME) Announces Annual Dividend of $0.18

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) declared an annual dividend on Tuesday, March 18th, Wall Street Journal reports. Shareholders of record on Thursday, April 3rd will be given a dividend of 0.18 per share on Thursday, April 24th. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. This is a 48.8% increase from Tencent Music Entertainment Group's previous annual dividend of $0.12.

Tencent Music Entertainment Group has a dividend payout ratio of 21.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Tencent Music Entertainment Group to earn $0.79 per share next year, which means the company should continue to be able to cover its $0.18 annual dividend with an expected future payout ratio of 22.8%.

Tencent Music Entertainment Group Price Performance

TME stock traded down $0.29 during mid-day trading on Friday, reaching $14.00. 5,403,604 shares of the company traded hands, compared to its average volume of 8,094,640. 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 company has a market capitalization of $24.02 billion, a P/E ratio of 25.92, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77. The company has a fifty day moving average price of $12.43 and a 200-day moving average price of $11.82.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TME shares. Mizuho lifted their price target on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday. Morgan Stanley upgraded Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target for the company in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $15.00.

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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.