State of New Jersey Common Pension Fund D Acquires New Stake in Tencent Music Entertainment Group (NYSE:TME)

State of New Jersey Common Pension Fund D bought a new position in Tencent Music Entertainment Group (NYSE:TME) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 17,978 shares of the company’s stock, valued at approximately $253,000.

Other hedge funds have also recently made changes to their positions in the company. QRG Capital Management Inc. grew its stake in Tencent Music Entertainment Group by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 15,843 shares of the company’s stock valued at $223,000 after buying an additional 860 shares in the last quarter. Tobam grew its position in shares of Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares in the last quarter. Atomi Financial Group Inc. grew its position in shares of Tencent Music Entertainment Group by 6.1% in the second quarter. Atomi Financial Group Inc. now owns 26,996 shares of the company’s stock valued at $379,000 after purchasing an additional 1,561 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Tencent Music Entertainment Group by 27.1% during the 4th quarter. Parallel Advisors LLC now owns 10,927 shares of the company’s stock valued at $98,000 after purchasing an additional 2,328 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the 2nd quarter worth about $37,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $11.27 on Thursday. The business’s fifty day moving average is $11.66 and its 200 day moving average is $12.67. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market cap of $19.34 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 0.76 and a beta of 0.65. Tencent Music Entertainment Group has a twelve month low of $6.09 and a twelve month high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The business had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Research analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on TME shares. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Bank of America reduced their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Daiwa Capital Markets downgraded Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $15.00 to $13.00 in a research report on Wednesday. Finally, Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.67.

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.