Tencent Music Entertainment Group (NYSE:TME) Position Trimmed by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its holdings in Tencent Music Entertainment Group (NYSE:TME) by 77.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 343,507 shares of the company’s stock after selling 1,208,092 shares during the quarter. New York State Common Retirement Fund’s holdings in Tencent Music Entertainment Group were worth $3,095,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Tobam bought a new position in Tencent Music Entertainment Group during the 4th quarter worth $36,000. Headinvest LLC acquired a new position in shares of Tencent Music Entertainment Group during the third quarter valued at $39,000. Lindbrook Capital LLC boosted its holdings in shares of Tencent Music Entertainment Group by 40.9% during the fourth quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after acquiring an additional 2,044 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth about $64,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth about $66,000. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TME. Benchmark boosted their target price on shares of Tencent Music Entertainment Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. CLSA initiated coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued an “outperform” rating and a $10.50 price objective for the company. Citigroup raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $9.00 to $13.00 in a research note on Wednesday, March 20th. Redburn Atlantic initiated coverage on Tencent Music Entertainment Group in a research report on Monday, February 5th. They set a “buy” rating and a $12.00 price target for the company. Finally, HSBC raised their price target on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a “hold” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.63.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $13.58 on Tuesday. The company has a 50-day moving average of $11.34 and a 200-day moving average of $9.60. The firm has a market cap of $23.30 billion, a price-to-earnings ratio of 30.86, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $13.66.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $971.00 million during the quarter, compared to analysts’ expectations of $925.06 million. Tencent Music Entertainment Group had a net margin of 17.71% and a return on equity of 9.67%. Analysts forecast that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.

About Tencent Music Entertainment Group

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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.