Gamco Investors INC. ET AL Acquires 40,500 Shares of Tencent Music Entertainment Group (NYSE:TME)

Gamco Investors INC. ET AL lifted its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 45.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 129,500 shares of the company's stock after acquiring an additional 40,500 shares during the quarter. Gamco Investors INC. ET AL's holdings in Tencent Music Entertainment Group were worth $1,470,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of Tencent Music Entertainment Group by 558.2% during the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock valued at $133,629,000 after purchasing an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership bought a new position in Tencent Music Entertainment Group in the 4th quarter worth $113,031,000. Norges Bank purchased a new position in Tencent Music Entertainment Group during the fourth quarter valued at $99,539,000. Mawer Investment Management Ltd. lifted its position in Tencent Music Entertainment Group by 152.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after purchasing an additional 6,919,574 shares in the last quarter. Finally, Schroder Investment Management Group grew its holdings in Tencent Music Entertainment Group by 6.7% during the fourth quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock valued at $715,783,000 after purchasing an additional 3,987,116 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TME. Nomura Securities raised Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Mizuho upped their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 19th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group 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 $0.66 during midday trading on Wednesday, reaching $13.15. 10,061,403 shares of the stock traded hands, compared to its average volume of 8,373,068. The stock has a market cap of $22.57 billion, a P/E ratio of 24.35, a PEG ratio of 0.77 and a beta of 0.50. The stock's fifty day moving average is $13.19 and its 200-day moving average is $12.19. 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 has a 12 month low of $9.41 and a 12 month high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio (DPR) is 28.81%.

Tencent Music Entertainment Group 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.