California Public Employees Retirement System Has $10 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

California Public Employees Retirement System reduced its stake in Tencent Music Entertainment Group (NYSE:TME) by 2.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,110,311 shares of the company’s stock after selling 27,485 shares during the period. California Public Employees Retirement System’s holdings in Tencent Music Entertainment Group were worth $10,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Tobam bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $36,000. Headinvest LLC acquired a new position in shares of Tencent Music Entertainment Group in the third quarter valued at approximately $39,000. Lindbrook Capital LLC increased its stake in shares of Tencent Music Entertainment Group by 40.9% during the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock worth $63,000 after purchasing an additional 2,044 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth approximately $64,000. Finally, China Universal Asset Management Co. Ltd. bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at $66,000. 24.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on TME. HSBC lifted their target price on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the stock a “hold” rating in a report on Wednesday, March 20th. Benchmark boosted their price objective on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. UBS Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a report on Wednesday, January 24th. Mizuho boosted their price target on Tencent Music Entertainment Group from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Finally, Redburn Atlantic assumed coverage on Tencent Music Entertainment Group in a research note on Monday, February 5th. They set a “buy” rating and a $12.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $13.04 on Friday. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $22.38 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 0.77 and a beta of 0.77. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $13.15. The stock’s 50-day simple moving average is $11.21 and its 200 day simple moving average is $9.47.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $971.00 million for the quarter, compared to the consensus estimate of $925.06 million. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. On average, analysts anticipate that Tencent Music Entertainment Group will post 0.58 EPS for the current fiscal year.

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.