Contrarius Group Holdings Ltd Acquires Shares of 2,138,830 Tencent Music Entertainment Group (NYSE:TME)

Contrarius Group Holdings Ltd bought a new position in Tencent Music Entertainment Group (NYSE:TME - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,138,830 shares of the company's stock, valued at approximately $24,276,000. Tencent Music Entertainment Group comprises about 1.5% of Contrarius Group Holdings Ltd's investment portfolio, making the stock its 20th largest position. Contrarius Group Holdings Ltd owned approximately 0.12% of Tencent Music Entertainment Group as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its holdings in shares of Tencent Music Entertainment Group by 31.7% during the third 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 increased its stake in Tencent Music Entertainment Group by 1.0% during the 3rd quarter. Swiss National Bank now owns 1,704,330 shares of the company's stock valued at $20,537,000 after buying an additional 17,100 shares during the period. Caprock Group LLC bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $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 boosted its holdings in shares of Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company's stock valued at $68,000 after acquiring an additional 4,071 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages recently commented on TME. Mizuho boosted their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, March 19th. Morgan Stanley upgraded Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price target on the stock in a research report on Tuesday, January 21st. Two equities 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.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock traded up $0.22 during mid-day trading on Monday, hitting $14.22. The company's stock had a trading volume of 4,556,624 shares, compared to its average volume of 8,080,488. The stock has a market capitalization of $24.39 billion, a P/E ratio of 26.32, a P/E/G ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. The stock's fifty day moving average price is $12.51 and its two-hundred day moving average price is $11.86. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group Increases Dividend

The business also recently announced an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a $0.18 dividend. This represents a dividend yield of 0.9%. This is a boost 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 30.51%.

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.