Arvin Capital Management LP Acquires New Stake in Tencent Music Entertainment Group (NYSE:TME)

Arvin Capital Management LP purchased a new stake in shares of Tencent Music Entertainment Group (NYSE:TME) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 901,520 shares of the company’s stock, valued at approximately $10,232,000. Tencent Music Entertainment Group comprises approximately 2.9% of Arvin Capital Management LP’s holdings, making the stock its 13th biggest position. Arvin Capital Management LP owned 0.05% of Tencent Music Entertainment Group as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in TME. JPMorgan Chase & Co. raised its holdings in Tencent Music Entertainment Group by 558.2% during the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after acquiring an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership purchased a new stake in Tencent Music Entertainment Group in the 4th quarter worth about $113,031,000. Norges Bank bought a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $99,539,000. Mawer Investment Management Ltd. boosted its position in shares of 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 buying an additional 6,919,574 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of 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 buying an additional 3,987,116 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $11.99 on Tuesday. The stock has a market cap of $20.58 billion, a price-to-earnings ratio of 22.20, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a 50 day simple moving average of $13.19 and a 200-day simple moving average of $12.19. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77.

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 paid a dividend of $0.18 per share. This represents a 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 dividend payout ratio is 28.81%.

Analyst Ratings Changes

TME has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Morgan Stanley reiterated an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Mizuho upped their target price 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, March 19th. Finally, Nomura Securities raised shares of Tencent Music Entertainment Group to a “strong-buy” rating in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.00.

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.