New York State Common Retirement Fund Sells 183,300 Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

New York State Common Retirement Fund reduced its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 83.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,500 shares of the company’s stock after selling 183,300 shares during the quarter. New York State Common Retirement Fund’s holdings in Tencent Music Entertainment Group were worth $540,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TME. Raymond James Financial Inc. bought a new stake in Tencent Music Entertainment Group during the fourth quarter worth approximately $731,000. Corient Private Wealth LLC boosted its position in shares of Tencent Music Entertainment Group by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company’s stock valued at $383,000 after buying an additional 1,370 shares during the period. Virtu Financial LLC bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $177,000. American Century Companies Inc. grew its stake in shares of Tencent Music Entertainment Group by 6.2% during the fourth quarter. American Century Companies Inc. now owns 749,447 shares of the company’s stock valued at $8,506,000 after buying an additional 43,859 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $1,853,000. 24.32% of the stock is owned by institutional investors.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $21.30 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $9.41 and a 52-week high of $22.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The stock has a market cap of $36.55 billion, a PE ratio of 25.36 and a beta of 0.55. The business has a 50-day simple moving average of $19.04 and a 200-day simple moving average of $15.03.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of analyst reports. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Tuesday, June 17th. Morgan Stanley reaffirmed an “overweight” rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Tencent Music Entertainment Group in a report on Wednesday, May 14th. Wall Street Zen lowered Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a “strong-buy” rating in a report on Tuesday, April 8th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $16.60.

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.