California Public Employees Retirement System Cuts Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

California Public Employees Retirement System trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TMEGet Rating) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,128,676 shares of the company’s stock after selling 6,638 shares during the quarter. California Public Employees Retirement System’s holdings in Tencent Music Entertainment Group were worth $5,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of TME. Ground Swell Capital LLC boosted its holdings in shares of Tencent Music Entertainment Group by 25.5% in the 1st quarter. Ground Swell Capital LLC now owns 13,223 shares of the company’s stock worth $64,000 after buying an additional 2,690 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Tencent Music Entertainment Group by 17.1% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 21,254 shares of the company’s stock worth $104,000 after buying an additional 3,104 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 2.5% in the 2nd quarter. Asset Management One Co. Ltd. now owns 131,653 shares of the company’s stock worth $660,000 after buying an additional 3,250 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its holdings in shares of Tencent Music Entertainment Group by 21.4% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 19,264 shares of the company’s stock worth $94,000 after buying an additional 3,392 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Tencent Music Entertainment Group by 3.4% in the 1st quarter. First Trust Advisors LP now owns 111,698 shares of the company’s stock worth $544,000 after buying an additional 3,722 shares during the last quarter. 22.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TME shares. The Goldman Sachs Group cut their price target on shares of Tencent Music Entertainment Group from $5.40 to $4.40 in a report on Sunday, November 6th. JPMorgan Chase & Co. raised shares of Tencent Music Entertainment Group from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $4.80 to $7.70 in a report on Monday. Finally, Benchmark raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a report on Wednesday, November 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.23.

Tencent Music Entertainment Group Price Performance

NYSE TME opened at $6.00 on Friday. The company has a market cap of $10.17 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 0.99 and a beta of 0.63. Tencent Music Entertainment Group has a 52 week low of $2.95 and a 52 week high of $7.66. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.12. The firm’s 50-day simple moving average is $4.28 and its two-hundred day simple moving average is $4.42.

Tencent Music Entertainment Group (NYSE:TMEGet Rating) last announced its quarterly earnings results on Tuesday, November 15th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. Tencent Music Entertainment Group had a return on equity of 6.74% and a net margin of 10.61%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Research analysts predict that Tencent Music Entertainment Group will post 0.3 earnings per share for the current year.

Tencent Music Entertainment Group Profile

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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 and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

See Also

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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