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

Contrarius Group Holdings Ltd bought a new position in Tencent Music Entertainment Group (NYSE:TME) in the fourth quarter, HoldingsChannel.com reports. The fund 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 portfolio, making the stock its 20th largest position.

A number of other institutional investors also recently modified their holdings of the stock. Royal London Asset Management Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $7,416,000. William Blair Investment Management LLC bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $21,597,000. Corient Private Wealth LLC raised its stake in shares of Tencent Music Entertainment Group by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock worth $383,000 after buying an additional 1,370 shares during the last quarter. Catalyst Funds Management Pty Ltd bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $1,135,000. Finally, LBP AM SA raised its stake in shares of Tencent Music Entertainment Group by 3.2% during the fourth quarter. LBP AM SA now owns 350,000 shares of the company’s stock worth $3,972,000 after buying an additional 11,000 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TME. Mizuho boosted 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 note on Wednesday. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $14.16.

Tencent Music Entertainment Group Stock Down 2.5 %

Shares of NYSE TME opened at $14.71 on Thursday. The stock has a market cap of $25.24 billion, a P/E ratio of 27.23, a P/E/G ratio of 0.77 and a beta of 0.70. The firm has a 50 day moving average price of $12.29 and a 200 day moving average price of $11.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $15.77.

Tencent Music Entertainment Group Increases Dividend

The business also recently declared an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be issued a $0.18 dividend. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. Tencent Music Entertainment Group’s dividend 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.