California Public Employees Retirement System Reduces Position in Tencent Music Entertainment Group Sponsored ADR $TME

California Public Employees Retirement System decreased its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 18.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 636,363 shares of the company’s stock after selling 140,823 shares during the quarter. California Public Employees Retirement System’s holdings in Tencent Music Entertainment Group were worth $5,905,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TME. Schroder Investment Management Group grew its holdings in shares of Tencent Music Entertainment Group by 30.0% during the fourth quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock valued at $1,410,816,000 after buying an additional 18,554,567 shares during the last quarter. Overlook Investments LP purchased a new position in Tencent Music Entertainment Group in the 4th quarter worth $278,022,000. Norges Bank acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $94,360,000. Green Court Capital Management Ltd lifted its position in Tencent Music Entertainment Group by 467.2% during the 4th quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock worth $108,729,000 after acquiring an additional 4,854,084 shares during the period. Finally, Invesco Ltd. grew its stake in Tencent Music Entertainment Group by 195.9% during the 4th quarter. Invesco Ltd. now owns 6,991,937 shares of the company’s stock valued at $122,569,000 after purchasing an additional 4,629,058 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TME. Weiss Ratings upgraded Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. cut their price target on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Mizuho reduced their price target on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Finally, Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $8.86 on Monday. The business’s 50-day moving average is $8.90 and its two-hundred day moving average is $11.49. The company has a market capitalization of $13.94 billion, a P/E ratio of 11.07, a P/E/G ratio of 0.58 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $7.94 and a fifty-two week high of $26.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.08 and a current ratio of 2.09.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $1.15 billion during the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%. Research analysts predict that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current year.

Tencent Music Entertainment Group 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.