Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s stock price gapped up prior to trading on Tuesday after the company announced a dividend. 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. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. The ex-dividend date is Thursday, April 3rd. Tencent Music Entertainment Group's payout ratio is 22.03%.
Analysts Set New Price Targets
A number of research analysts recently issued reports on TME shares. Mizuho raised their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday. Morgan Stanley raised Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 target price for the company in a research report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Moderate Buy" and a consensus target price of $15.00.
View Our Latest Analysis on TME
Tencent Music Entertainment Group Stock Performance
The company's 50-day moving average price is $12.43 and its two-hundred day moving average price is $11.82. The company has a market capitalization of $24.02 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 0.77 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.
Hedge Funds Weigh In On Tencent Music Entertainment Group
A number of institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its holdings in 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 worth $126,000 after buying an additional 1,094 shares during the last quarter. BNP Paribas increased its position in shares of Tencent Music Entertainment Group by 2.0% during the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after acquiring an additional 1,131 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Tencent Music Entertainment Group by 4.2% in the 4th quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock worth $383,000 after acquiring an additional 1,370 shares during the last quarter. Intech Investment Management LLC lifted its position in Tencent Music Entertainment Group by 9.1% in the 3rd quarter. Intech Investment Management LLC now owns 19,850 shares of the company's stock valued at $239,000 after acquiring an additional 1,664 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Tencent Music Entertainment Group by 3.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock valued at $586,000 after purchasing an additional 1,923 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.
About Tencent Music Entertainment Group
(
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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.
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