Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up - Here's What Happened

Shares of Tencent Music Entertainment Group (NYSE:TME - Get Free Report) 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 changing hands.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. 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. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Finally, Morgan Stanley reiterated 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 issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Down 2.0%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market cap of $31.67 billion, a price-to-earnings ratio of 34.17, a PEG ratio of 0.77 and a beta of 0.51. The firm's 50-day simple moving average is $15.22 and its two-hundred day simple moving average is $13.35.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd were given a $0.18 dividend. This represents a yield of 0.9%. The ex-dividend date was Thursday, April 3rd. 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 Investors Weigh In On Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC acquired a new stake in Tencent Music Entertainment Group in the 1st quarter valued at about $34,000. Banque Transatlantique SA acquired a new stake in Tencent Music Entertainment Group in the 1st quarter valued at about $46,000. Brooklyn Investment Group increased its position 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 valued at $69,000 after acquiring an additional 4,307 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $110,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $114,000. Institutional investors and hedge funds 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.