State of New Jersey Common Pension Fund D Acquires 336,690 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

State of New Jersey Common Pension Fund D lifted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 91.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 703,001 shares of the company’s stock after purchasing an additional 336,690 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Tencent Music Entertainment Group were worth $13,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SVB Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group during the 1st quarter worth approximately $46,000. Brooklyn Investment Group boosted its stake in shares of Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock worth $69,000 after acquiring an additional 4,307 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in Tencent Music Entertainment Group by 35.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company’s stock worth $196,000 after purchasing an additional 3,570 shares during the last quarter. Finally, Eschler Asset Management LLP acquired a new stake in Tencent Music Entertainment Group during the 1st quarter worth approximately $206,000. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a report on Friday. Finally, Citigroup reaffirmed a “buy” rating and issued a $29.00 price objective (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $24.47.

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $22.91 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $10.11 and a 52 week high of $26.70. The stock has a market capitalization of $39.32 billion, a P/E ratio of 25.18 and a beta of 0.51. The stock has a fifty day moving average of $24.15 and a 200-day moving average of $20.10.

Tencent Music Entertainment Group Company 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.