Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s stock price dropped 2.8% on Wednesday . The company traded as low as $14.57 and last traded at $14.67. Approximately 8,681,183 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 8,193,268 shares. The stock had previously closed at $15.09.
Analyst Upgrades and Downgrades
Several research firms have issued reports on TME. Mizuho boosted their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday. Morgan Stanley raised shares of Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 target price on the stock in a research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $15.00.
Check Out Our Latest Report on TME
Tencent Music Entertainment Group Price Performance
The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock's 50 day moving average price is $12.43 and its two-hundred day moving average price is $11.82. The firm has a market capitalization of $24.02 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 0.77 and a beta of 0.70.
Tencent Music Entertainment Group Increases Dividend
The company 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 $0.18 dividend. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio is presently 22.03%.
Institutional Investors Weigh In On Tencent Music Entertainment Group
Large investors have recently made changes to their positions in the company. Thrivent Financial for Lutherans raised its holdings in Tencent Music Entertainment Group by 31.7% during the third quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company's stock valued at $187,000 after buying an additional 3,746 shares in the last quarter. Caprock Group LLC acquired a new position in Tencent Music Entertainment Group in the 3rd quarter valued at $147,000. Avior Wealth Management LLC raised its holdings in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock worth $68,000 after acquiring an additional 4,071 shares during the period. Intech Investment Management LLC raised its holdings 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 worth $239,000 after acquiring an additional 1,664 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Tencent Music Entertainment Group by 15.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 877,343 shares of the company's stock worth $10,572,000 after acquiring an additional 115,315 shares during the last quarter. Institutional investors own 24.32% of the company's stock.
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.
Further Reading
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