Tencent Music Entertainment Group (NYSE:TME) Raises Dividend to $0.18 Per Share

Tencent Music Entertainment Group (NYSE:TME) declared an annual dividend on Wednesday, March 19th, Wall Street Journal reports. Shareholders of record on Thursday, April 3rd will be paid 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 Price Performance

Shares of NYSE TME traded down $0.38 during mid-day trading on Wednesday, reaching $14.71. 13,435,865 shares of the company were exchanged, compared to its average volume of 8,210,840. The company’s 50 day moving average price is $12.22 and its 200 day moving average price is $11.75. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $15.77. The stock has a market capitalization of $25.24 billion, a PE ratio of 27.23, a PEG ratio of 0.77 and a beta of 0.70.

Wall Street Analyst Weigh In

Several research firms have issued reports on TME. Morgan Stanley upgraded 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. 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 note on Wednesday. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $14.16.

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.