Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down - Here's Why

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $17.78, but opened at $17.37. Tencent Music Entertainment Group shares last traded at $17.43, with a volume of 594,682 shares changing hands.

Wall Street Analyst Weigh In

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

Tencent Music Entertainment Group Stock Up 3.3%

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 cap of $31.85 billion, a P/E ratio of 34.37, a PEG ratio of 0.77 and a beta of 0.51. The stock has a 50-day moving average of $14.69 and a 200 day moving average of $13.12.

Tencent Music Entertainment Group Increases Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SVB Wealth LLC bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth $34,000. Banque Transatlantique SA bought a new stake in shares of Tencent Music Entertainment Group during the first quarter worth about $46,000. Brooklyn Investment Group boosted its holdings in Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $110,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $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.