Tencent Music Entertainment Group (NYSE:TME - Get Free Report) gapped down before the market opened 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 trading hands.
Analysts Set New Price Targets
A number of research firms have recently commented on TME. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. 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. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.00.
View Our Latest Stock Analysis on TME
Tencent Music Entertainment Group Trading Down 1.7%
The firm has a fifty day moving average of $14.62 and a 200 day moving average of $13.05. The firm has a market capitalization of $30.01 billion, a PE ratio of 32.38, a P/E/G ratio of 0.77 and a beta of 0.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.
Tencent Music Entertainment Group Increases Dividend
The company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were paid 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 a positive change 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
Institutional investors and hedge funds have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. boosted its position in Tencent Music Entertainment Group by 0.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company's stock valued at $20,059,000 after buying an additional 4,837 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company's stock worth $586,000 after acquiring an additional 1,923 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Tencent Music Entertainment Group by 8.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company's stock valued at $73,539,000 after purchasing an additional 522,599 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in Tencent Music Entertainment Group by 2.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company's stock valued at $5,884,000 after purchasing an additional 10,905 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in Tencent Music Entertainment Group during the 4th quarter valued at approximately $375,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.
About Tencent Music Entertainment Group
(
Get Free Report)
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.
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