Public Employees Retirement System of Ohio Invests $29.71 Million in Tencent Music Entertainment Group (NYSE:TME)

Public Employees Retirement System of Ohio bought a new position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,465,250 shares of the company's stock, valued at approximately $29,706,000. Public Employees Retirement System of Ohio owned approximately 0.14% of Tencent Music Entertainment Group at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Progeny 3 Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 2nd quarter valued at $11,436,000. Diversified Trust Co acquired a new position in Tencent Music Entertainment Group during the second quarter worth about $632,000. Bank of Montreal Can raised its position in Tencent Music Entertainment Group by 86.0% in the third quarter. Bank of Montreal Can now owns 181,991 shares of the company's stock worth $2,235,000 after acquiring an additional 84,161 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Tencent Music Entertainment Group by 33.3% in the 2nd quarter. SG Americas Securities LLC now owns 317,594 shares of the company's stock valued at $4,462,000 after acquiring an additional 79,307 shares during the last quarter. Finally, Fiera Capital Corp boosted its position in shares of Tencent Music Entertainment Group by 21.2% during the 3rd quarter. Fiera Capital Corp now owns 434,353 shares of the company's stock valued at $5,234,000 after purchasing an additional 75,991 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on TME shares. Daiwa America lowered shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Mizuho reduced their price objective on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. Morgan Stanley cut Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 target price for the company. Finally, Bank of America dropped their price target on Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and an average price target of $13.28.

Tencent Music Entertainment Group Stock Down 5.0 %

Shares of TME stock traded down $0.66 during trading on Tuesday, hitting $12.50. 7,175,111 shares of the company were exchanged, compared to its average volume of 8,545,339. The business's 50-day simple moving average is $11.88 and its 200 day simple moving average is $12.52. Tencent Music Entertainment Group has a twelve month low of $8.13 and a twelve month high of $15.77. The firm has a market capitalization of $21.45 billion, a price-to-earnings ratio of 23.15, a P/E/G ratio of 0.95 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

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; 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.