Tencent Music Entertainment Group (NYSE:TME) Trading Down 2.8% – Here’s Why

Shares of Tencent Music Entertainment Group (NYSE:TME) dropped 2.8% during trading on Wednesday . The stock traded as low as $14.57 and last traded at $14.67. Approximately 8,681,183 shares traded hands during trading, an increase of 6% from the average daily volume of 8,193,268 shares. The stock had previously closed at $15.09.

Wall Street Analyst Weigh In

TME has been the subject of several recent research reports. Mizuho increased their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Tencent Music Entertainment Group Trading Down 2.0 %

The stock has a market cap of $24.02 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. 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 company’s 50 day simple moving average is $12.36 and its two-hundred day simple moving average is $11.78.

Tencent Music Entertainment Group Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.18 per share. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date is Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio is 22.03%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of Montreal Can increased its stake in shares of Tencent Music Entertainment Group by 86.0% during the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after purchasing an additional 84,161 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Tencent Music Entertainment Group by 33.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock worth $23,028,000 after buying an additional 480,504 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Tencent Music Entertainment Group by 9.5% during the 4th quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock worth $16,738,000 after buying an additional 127,561 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $114,000. Finally, Principal Financial Group Inc. boosted its holdings in Tencent Music Entertainment Group by 4.0% in the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after purchasing an additional 211,873 shares during the period. Institutional investors and hedge funds 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.