Tencent Music Entertainment Group (NYSE:TME) Trading Down 5.3% - What's Next?

Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s stock price traded down 5.3% on Friday . The company traded as low as $16.57 and last traded at $16.56. 1,195,122 shares were traded during mid-day trading, a decline of 85% from the average session volume of 7,937,796 shares. The stock had previously closed at $17.49.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TME. Sanford C. Bernstein reissued an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Mizuho lifted their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, March 19th. Finally, Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Stock Performance

The stock has a 50 day simple moving average of $14.43 and a 200 day simple moving average of $12.95. 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 company has a market cap of $29.82 billion, a price-to-earnings ratio of 32.18, a PEG ratio of 0.77 and a beta of 0.46.

Tencent Music Entertainment Group Increases Dividend

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

Hedge Funds Weigh In On Tencent Music Entertainment Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SVB Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $34,000. Banque Transatlantique SA acquired a new stake in Tencent Music Entertainment Group during the 1st quarter valued at approximately $46,000. Brooklyn Investment Group increased its holdings in Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after purchasing an additional 4,307 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at approximately $114,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

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.