Contrarius Group Holdings Ltd Makes New $24.28 Million Investment in Tencent Music Entertainment Group (NYSE:TME)

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

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new stake in Tencent Music Entertainment Group in the 3rd quarter worth $64,000. Avior Wealth Management LLC boosted its position in shares of Tencent Music Entertainment Group by 253.8% during the 3rd 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. SBI Securities Co. Ltd. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $110,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at about $114,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after acquiring an additional 1,094 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TME. 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 on the stock in a research report 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 company an “outperform” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.16.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $14.71 on Thursday. The firm has a market cap of $25.24 billion, a PE 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 12 month low of $9.41 and a 12 month high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $12.29 and its two-hundred day moving average price is $11.77.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given 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 yield of 0.9%. Tencent Music Entertainment Group’s payout ratio is 22.03%.

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.