State of New Jersey Common Pension Fund D Has $4.16 Million Stake in Tencent Music Entertainment Group (NYSE:TME)

State of New Jersey Common Pension Fund D boosted its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 21.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 366,311 shares of the company's stock after purchasing an additional 63,615 shares during the period. State of New Jersey Common Pension Fund D's holdings in Tencent Music Entertainment Group were worth $4,158,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cantillon Capital Management LLC raised its stake in Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company's stock valued at $222,402,000 after acquiring an additional 5,265,783 shares during the period. Mawer Investment Management Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company's stock worth $54,801,000 after buying an additional 4,178,636 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Tencent Music Entertainment Group by 287.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company's stock worth $58,382,000 after buying an additional 3,594,383 shares during the period. FMR LLC grew its stake in Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company's stock valued at $71,948,000 after buying an additional 2,967,779 shares during the last quarter. Finally, Coronation Fund Managers Ltd. raised its holdings in Tencent Music Entertainment Group by 84.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company's stock valued at $68,158,000 after acquiring an additional 2,592,381 shares during the period. Institutional investors and hedge funds own 24.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Morgan Stanley upgraded 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. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an "overweight" rating and a $16.00 price target on the stock. Finally, Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an "outperform" rating and a $14.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of "Moderate Buy" and a consensus price target of $14.04.

Tencent Music Entertainment Group Price Performance

NYSE TME traded up $1.61 during trading on Friday, hitting $14.44. 24,738,722 shares of the company's stock were exchanged, compared to its average volume of 6,790,927. The stock's 50 day moving average price is $11.76 and its two-hundred day moving average price is $11.55. Tencent Music Entertainment Group has a fifty-two week low of $9.15 and a fifty-two week high of $15.77. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $24.79 billion, a PE ratio of 26.75, a P/E/G ratio of 0.77 and a beta of 0.70.

Tencent Music Entertainment Group Company 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.