Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – Here’s Why

Shares of Tencent Music Entertainment Group (NYSE:TME) gapped up prior to trading on Tuesday . The stock had previously closed at $18.51, but opened at $19.37. Tencent Music Entertainment Group shares last traded at $18.60, with a volume of 2,913,371 shares.

Wall Street Analyst Weigh In

TME has been the subject of a number of research analyst reports. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Mizuho increased their target price 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, March 19th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research report on Tuesday, April 8th. Sanford C. Bernstein restated an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Up 1.3%

The firm has a market cap of $31.89 billion, a P/E ratio of 34.42, a P/E/G ratio of 0.77 and a beta of 0.51. The business’s fifty day moving average price is $14.97 and its two-hundred day moving average price is $13.24. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 20.24%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TME. SVB Wealth LLC bought a new position in Tencent Music Entertainment Group in the 1st quarter worth $34,000. Banque Transatlantique SA bought a new position in Tencent Music Entertainment Group in the 1st quarter worth $46,000. Brooklyn Investment Group raised its holdings in Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after acquiring an additional 4,307 shares during the period. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group in the 4th quarter worth $110,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Tencent Music Entertainment Group in the 4th quarter worth $114,000. Institutional investors 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.