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

Tencent Music Entertainment Group (NYSE:TME) shares gapped up before the market opened 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. Investors 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 yield of 0.9%. The ex-dividend date is Thursday, April 3rd. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is presently 22.03%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Mizuho upped their price objective on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday. 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 on the stock in a research note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $14.16.

Tencent Music Entertainment Group Stock Performance

The company has a fifty day moving average price of $12.29 and a two-hundred day moving average price of $11.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company has a market capitalization of $25.24 billion, a P/E ratio of 27.23, a PEG 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 business. JPMorgan Chase & Co. lifted its holdings in shares of Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock worth $133,629,000 after purchasing an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership acquired a new position in Tencent Music Entertainment Group during the 4th quarter worth about $113,031,000. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $99,539,000. Mawer Investment Management Ltd. increased its stake in shares of Tencent Music Entertainment Group by 152.2% in the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock valued at $130,155,000 after buying an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company’s stock worth $715,783,000 after acquiring an additional 3,987,116 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

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.