Tencent Music Entertainment Group (NYSE:TME) Trading 4.6% Higher

Tencent Music Entertainment Group (NYSE:TME) shot up 4.6% during trading on Monday . The company traded as high as $14.93 and last traded at $14.91. 1,961,832 shares changed hands during trading, a decline of 76% from the average session volume of 8,174,024 shares. The stock had previously closed at $14.26.

Analyst Ratings Changes

Several brokerages recently weighed in on TME. Benchmark lifted their price objective on Tencent Music Entertainment Group from $14.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, May 14th. Mizuho lifted their target price on shares of Tencent Music Entertainment Group from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.75.

Tencent Music Entertainment Group Stock Performance

The business’s fifty day moving average price is $14.63 and its 200-day moving average price is $12.03. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.67 and a quick ratio of 2.67. The stock has a market capitalization of $25.55 billion, a PE ratio of 32.46, a P/E/G ratio of 1.07 and a beta of 0.68.

Tencent Music Entertainment Group (NYSE:TME) last posted its earnings results on Monday, May 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. The business had revenue of $937.00 million for the quarter, compared to analysts’ expectations of $904.29 million. As a group, equities research analysts expect that Tencent Music Entertainment Group will post 0.62 EPS for the current year.

Tencent Music Entertainment Group Dividend Announcement

The firm also recently declared an annual dividend, which was paid on Thursday, June 27th. Shareholders of record on Friday, May 31st were issued a $0.121 dividend. The ex-dividend date was Friday, May 31st. This represents a dividend yield of 0.78%. Tencent Music Entertainment Group’s payout ratio is currently 28.26%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its position in Tencent Music Entertainment Group by 238.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company’s stock valued at $19,847,000 after purchasing an additional 1,271,426 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Tencent Music Entertainment Group by 205.0% during the 4th quarter. Teacher Retirement System of Texas now owns 453,563 shares of the company’s stock worth $4,087,000 after acquiring an additional 304,876 shares during the last quarter. Capital Wealth Planning LLC bought a new stake in shares of Tencent Music Entertainment Group during the 1st quarter worth $2,588,000. Federated Hermes Inc. purchased a new position in Tencent Music Entertainment Group in the fourth quarter worth $2,690,000. Finally, Banque Cantonale Vaudoise increased its stake in Tencent Music Entertainment Group by 1,027.8% in the first quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company’s stock valued at $2,271,000 after acquiring an additional 185,000 shares during the last quarter. Hedge funds and other 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.