California Public Employees Retirement System Decreases Stake in Tencent Music Entertainment Group (NYSE:TME)

California Public Employees Retirement System reduced its position in Tencent Music Entertainment Group (NYSE:TME – Get Rating) by 2.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,333,071 shares of the company’s stock after selling 28,814 shares during the period. California Public Employees Retirement System’s holdings in Tencent Music Entertainment Group were worth $11,038,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its position in Tencent Music Entertainment Group by 5.1% during the third quarter. BlackRock Inc. now owns 34,614,084 shares of the company’s stock valued at $140,534,000 after purchasing an additional 1,668,411 shares during the period. Vanguard Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 1.4% during the third quarter. Vanguard Group Inc. now owns 23,870,539 shares of the company’s stock valued at $96,914,000 after buying an additional 327,765 shares during the last quarter. State Street Corp grew its stake in shares of Tencent Music Entertainment Group by 4.7% during the second quarter. State Street Corp now owns 12,572,379 shares of the company’s stock valued at $63,113,000 after buying an additional 561,682 shares during the last quarter. Invesco Ltd. grew its stake in shares of Tencent Music Entertainment Group by 75.0% during the first quarter. Invesco Ltd. now owns 11,245,066 shares of the company’s stock valued at $54,762,000 after buying an additional 4,818,787 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Tencent Music Entertainment Group by 23.9% during the first quarter. Dimensional Fund Advisors LP now owns 9,292,124 shares of the company’s stock valued at $45,279,000 after buying an additional 1,789,566 shares during the last quarter. 21.77% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 9.3 %

Tencent Music Entertainment Group stock opened at $7.96 on Tuesday. The business has a fifty day moving average of $7.58 and a two-hundred day moving average of $7.44. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.11. The firm has a market cap of $13.49 billion, a P/E ratio of 23.41, a P/E/G ratio of 0.62 and a beta of 0.81. Tencent Music Entertainment Group has a twelve month low of $3.14 and a twelve month high of $9.29.

Analyst Ratings Changes

A number of research firms have recently commented on TME. 86 Research cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Thursday, January 19th. Benchmark reaffirmed a “buy” rating and set a $11.00 target price on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 22nd. JPMorgan Chase & Co. started coverage on Tencent Music Entertainment Group in a research note on Monday, January 30th. They issued an “overweight” rating on the stock. Finally, Mizuho started coverage on Tencent Music Entertainment Group in a research note on Monday, April 24th. They issued a “buy” rating and a $10.00 price objective on the stock. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $8.18.

Tencent Music Entertainment Group Profile

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Tencent Music Entertainment Group engages in the business of operating online music entertainment platforms to provide music streaming, online karaoke, and live streaming services. Its product brands include QQ Music, Kugou Music, Kuwo Music, and WeSing. The company was founded on June 6, 2012 and is headquartered in Shenzhen, China.