New York State Common Retirement Fund Sells 297,350 Shares of Tencent Music Entertainment Group (NYSE:TME)

New York State Common Retirement Fund lessened its position in Tencent Music Entertainment Group (NYSE:TME) by 57.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 220,800 shares of the company’s stock after selling 297,350 shares during the period. New York State Common Retirement Fund’s holdings in Tencent Music Entertainment Group were worth $2,506,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D lifted its stake in shares of Tencent Music Entertainment Group by 21.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 366,311 shares of the company’s stock worth $4,158,000 after buying an additional 63,615 shares in the last quarter. Vontobel Holding Ltd. bought a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth approximately $375,000. Asset Management One Co. Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 2.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company’s stock worth $5,884,000 after buying an additional 10,905 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Tencent Music Entertainment Group by 8.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock worth $73,539,000 after buying an additional 522,599 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Tencent Music Entertainment Group by 3.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock worth $586,000 after buying an additional 1,923 shares in the last quarter. Institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on TME shares. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price on the stock. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price on the stock. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Down 4.4 %

TME opened at $12.19 on Friday. 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 firm has a 50 day moving average price of $11.86 and a 200-day moving average price of $11.54. Tencent Music Entertainment Group has a twelve month low of $9.15 and a twelve month high of $15.77. The stock has a market capitalization of $20.91 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 0.77 and a beta of 0.70.

Tencent Music Entertainment Group 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.