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

Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s stock price 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.

Wall Street Analysts Forecast Growth

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

Tencent Music Entertainment Group Stock Performance

The company has a market capitalization of $31.96 billion, a P/E ratio of 34.45, a PEG ratio of 0.77 and a beta of 0.51. 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 fifty day moving average price of $14.85 and a two-hundred day moving average price of $13.21.

Tencent Music Entertainment Group Increases Dividend

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

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in shares of Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock worth $133,629,000 after acquiring an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership bought a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $113,031,000. Norges Bank acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $99,539,000. Mawer Investment Management Ltd. boosted its stake in shares of Tencent Music Entertainment Group by 152.2% in the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after purchasing an additional 6,919,574 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Tencent Music Entertainment Group during the first quarter worth $85,498,000. Institutional investors own 24.32% of the company's stock.

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.