New York State Common Retirement Fund Acquires 165,814 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

New York State Common Retirement Fund raised its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 47.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 518,579 shares of the company’s stock after buying an additional 165,814 shares during the period. New York State Common Retirement Fund’s holdings in Tencent Music Entertainment Group were worth $12,104,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Corient Private Wealth LLC increased its position in shares of Tencent Music Entertainment Group by 1.6% in the second quarter. Corient Private Wealth LLC now owns 32,213 shares of the company’s stock valued at $628,000 after acquiring an additional 498 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Tencent Music Entertainment Group by 5.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,553 shares of the company’s stock worth $264,000 after purchasing an additional 651 shares during the last quarter. PDS Planning Inc increased its position in shares of Tencent Music Entertainment Group by 5.6% during the 2nd quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock worth $245,000 after purchasing an additional 665 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Tencent Music Entertainment Group by 0.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock worth $1,975,000 after purchasing an additional 842 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 11.0% in the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after buying an additional 1,269 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TME has been the topic of several analyst reports. Barclays upped their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Wall Street Zen downgraded Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Bank of America started coverage on Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.79.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $16.56 on Tuesday. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $11.61 and a 52 week high of $26.70. The company has a market capitalization of $28.42 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.06 and a beta of 0.45. The company has a 50-day simple moving average of $17.59 and a 200 day simple moving average of $21.06. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.09.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.