Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – Here’s Why

Tencent Music Entertainment Group (NYSE:TME)’s stock price gapped up before the market opened 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.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley restated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, May 13th. Sanford C. Bernstein restated an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Mizuho raised 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 report on Wednesday, March 19th. Finally, Nomura Securities upgraded shares of Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. 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. Based on data from MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Tencent Music Entertainment Group Stock Up 1.3%

The business’s 50 day moving average is $14.97 and its 200 day moving average is $13.24. 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 $31.89 billion, a price-to-earnings ratio of 34.42, a price-to-earnings-growth ratio of 0.77 and a beta of 0.51.

Tencent Music Entertainment Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were paid a $0.18 dividend. This is a positive change from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date was Thursday, April 3rd. This represents a yield of 0.9%. Tencent Music Entertainment Group’s dividend payout ratio (DPR) is currently 20.24%.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TME. JPMorgan Chase & Co. boosted its stake in Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock worth $133,629,000 after purchasing an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth approximately $113,031,000. Norges Bank purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth approximately $99,539,000. Mawer Investment Management Ltd. lifted its position in 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 worth $130,155,000 after buying an additional 6,919,574 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Tencent Music Entertainment Group in the 1st quarter worth approximately $85,498,000. 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.