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

New York State Common Retirement Fund raised its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 47.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Schroder Investment Management Group increased its holdings in Tencent Music Entertainment Group by 2.2% during the 2nd quarter. Schroder Investment Management Group now owns 67,948,198 shares of the company’s stock valued at $1,324,310,000 after purchasing an additional 1,491,095 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Tencent Music Entertainment Group by 26.4% in the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after buying an additional 4,071,323 shares in the last quarter. State Street Corp increased its stake in shares of Tencent Music Entertainment Group by 1.3% in the second quarter. State Street Corp now owns 12,553,992 shares of the company’s stock valued at $244,677,000 after buying an additional 155,692 shares in the last quarter. Norges Bank bought a new position in shares of Tencent Music Entertainment Group in the second quarter valued at about $110,813,000. Finally, Robeco Institutional Asset Management B.V. increased its position in Tencent Music Entertainment Group by 174.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 5,319,631 shares of the company’s stock valued at $124,160,000 after acquiring an additional 3,384,583 shares in the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $16.56 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market cap of $28.42 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 1.06 and a beta of 0.45. The stock’s 50-day moving average price is $17.59 and its two-hundred day moving average price is $21.06. Tencent Music Entertainment Group Sponsored ADR has a 1 year low of $11.61 and a 1 year high of $26.70.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TME. Barclays raised their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Tencent Music Entertainment Group in a research note on Monday, December 29th. Bank of America started coverage on Tencent Music Entertainment Group in a research note on Tuesday, October 28th. They set a “neutral” rating and a $25.00 price target on the stock. Morgan Stanley lowered their price objective on Tencent Music Entertainment Group from $27.50 to $25.00 and set an “overweight” rating for the company in a research report on Monday, December 22nd. Finally, Benchmark cut their target price on shares of Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.79.

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.