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

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Morgan Stanley upgraded 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. Mizuho lifted 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 note on Wednesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Trading Down 2.0 %

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The business’s 50-day moving average is $12.36 and its two-hundred day moving average is $11.78. The firm has a market cap of $24.02 billion, a P/E ratio of 25.92, a P/E/G ratio of 0.77 and a beta of 0.70.

Tencent Music Entertainment Group Increases Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TME. Thrivent Financial for Lutherans boosted its stake in Tencent Music Entertainment Group by 31.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 15,550 shares of the company’s stock valued at $187,000 after purchasing an additional 3,746 shares during the period. Swiss National Bank lifted its stake in shares of Tencent Music Entertainment Group by 1.0% in the 3rd quarter. Swiss National Bank now owns 1,704,330 shares of the company’s stock worth $20,537,000 after acquiring an additional 17,100 shares during the period. Caprock Group LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $147,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $2,270,000. Finally, Avior Wealth Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after acquiring an additional 4,071 shares during the period. 24.32% of the stock is owned by institutional investors and hedge funds.

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.