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

Tencent Music Entertainment Group (NYSE:TME) shares gapped up prior to trading 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. Investors of record on Thursday, April 3rd will be issued a $0.18 dividend. This represents a dividend yield of 0.9%. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date is Thursday, April 3rd. Tencent Music Entertainment Group’s payout ratio is presently 22.03%.

Analyst Ratings Changes

TME has been the subject of a number of analyst reports. Mizuho upped 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 research note 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 price target for the company in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.16.

Tencent Music Entertainment Group Stock 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 has a market cap of $25.24 billion, a P/E 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 is $12.29 and its two-hundred day moving average is $11.77.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of Montreal Can raised its holdings in Tencent Music Entertainment Group by 86.0% during the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock valued at $2,235,000 after buying an additional 84,161 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Tencent Music Entertainment Group by 33.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock valued at $23,028,000 after acquiring an additional 480,504 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Tencent Music Entertainment Group by 9.5% in the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock worth $16,738,000 after purchasing an additional 127,561 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $114,000. Finally, Principal Financial Group Inc. grew its holdings in Tencent Music Entertainment Group by 4.0% during 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. 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.