Tencent Music Entertainment Group (NYSE:TME) Raises Dividend to $0.18 Per Share

Tencent Music Entertainment Group (NYSE:TME) announced an annual dividend on Tuesday, March 18th, Wall Street Journal reports. Shareholders of record on Thursday, April 3rd will be paid a dividend of 0.18 per share on Thursday, April 24th. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. This is a 48.8% increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12.

Tencent Music Entertainment Group Stock Down 2.5 %

TME traded down $0.38 during midday trading on Wednesday, reaching $14.71. 13,440,984 shares of the company were exchanged, compared to its average volume of 8,210,842. 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 fifty day moving average price is $12.22 and its 200 day moving average price is $11.75. The company has a market cap of $25.24 billion, a price-to-earnings ratio of 27.23, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $15.77.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Tuesday, January 21st. Mizuho upped their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.16.

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.