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

Tencent Music Entertainment Group (NYSE:TME)’s share 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 changing hands.

The newly announced dividend which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. 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 (DPR) is currently 22.03%.

Wall Street Analyst Weigh In

TME has been the topic of several research analyst reports. Mizuho increased their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research 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 on the stock in a report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $14.16.

Tencent Music Entertainment Group Trading Down 2.5 %

The business’s 50 day moving average price is $12.29 and its two-hundred day moving average price is $11.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. 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.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $286,000. GF Fund Management CO. LTD. acquired a new position in Tencent Music Entertainment Group during the fourth quarter worth about $11,411,000. Burgundy Asset Management Ltd. raised its position in Tencent Music Entertainment Group by 30.3% in the fourth quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company’s stock worth $476,000 after acquiring an additional 9,755 shares in the last quarter. Vise Technologies Inc. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $169,000. Finally, Vident Advisory LLC boosted its position in shares of Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company’s stock valued at $214,000 after purchasing an additional 3,538 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.