Tencent Music Entertainment Group (NYSE:TME) Trading Down 3.2%

Tencent Music Entertainment Group (NYSE:TME)’s share price fell 3.2% during trading on Monday . The company traded as low as $14.31 and last traded at $14.33. 713,427 shares traded hands during trading, a decline of 92% from the average session volume of 8,393,501 shares. The stock had previously closed at $14.80.

Wall Street Analysts Forecast Growth

TME has been the topic of several recent research reports. Citigroup raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $9.00 to $13.00 in a research report on Wednesday, March 20th. Morgan Stanley raised their price target on shares of Tencent Music Entertainment Group from $11.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. HSBC upped their price objective on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a report on Wednesday, March 20th. Bank of America raised their target price on Tencent Music Entertainment Group from $10.50 to $12.30 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, Benchmark increased their price target 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. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.75.

Tencent Music Entertainment Group Price Performance

The company has a market capitalization of $24.64 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 1.06 and a beta of 0.72. 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’s 50 day simple moving average is $13.64 and its 200-day simple moving average is $11.07.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Monday, May 13th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $937.00 million during the quarter, compared to analysts’ expectations of $904.29 million. Tencent Music Entertainment Group had a net margin of 18.88% and a return on equity of 9.85%. As a group, equities analysts forecast that Tencent Music Entertainment Group will post 0.62 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Announces Dividend

The business also recently disclosed an annual dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a $0.121 dividend. This represents a dividend yield of 0.78%. The ex-dividend date is Friday, May 31st. Tencent Music Entertainment Group’s payout ratio is currently 26.09%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tobam purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $36,000. Headinvest LLC purchased a new position in Tencent Music Entertainment Group in the third quarter worth approximately $39,000. Lindbrook Capital LLC grew its holdings in Tencent Music Entertainment Group by 40.9% during the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after acquiring an additional 2,044 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter valued at approximately $75,000. Finally, SageView Advisory Group LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 4th quarter valued at $90,000. 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.